With vaccinations underway and the Biden administration about to assume power, attention will soon return to an assessment of the true damage that Covid-19 has wreaked on the American economy. At this moment, it’s important to take stock of the various rescue measures that have been extended by the federal government and consider how they should be amended in the future. Above and beyond the $900 billion stimulus recently signed by President Trump, over the next two to four years it is likely that between $5 to $10 trillion dollars of taxpayer money, in the form of taxpayer-backed loans and loan guarantees, will be expended to save American businesses and jobs. That level of government aid, the largest on record in American history, will likely require more than a generation of productive effort to pay back. A reckoning with the government’s role in rescuing the economy in this fashion also creates an opportunity to pose some of the larger questions about productivity, fairness,
For quite a few years now I have been advocating for a Revolution from the Center, a political revolution based on the principles of Concordian economics. Current events in Washington make this project rather urgent. Let us go over some key points.
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The Dissolution of the Republican Party
Clearly, Trumpism has sounded the death knell of the Republican Party. The Republican Party has not been able to secure the reelection of Donald Trump. In the process it has split itself into two major factions: those who cater to whatever whims Donald Trump pursues at the moment and a conservative remnant that is faithful to the glorious tradition of Abraham Lincoln.
It’s a certainty that we’ll be entering both the new year and a new Democratic administration with the American economy on its knees. We’ll return to something resembling normalcy with time, but communities across the country and the lives of millions have already been irrevocably altered. The lesson of the last financial crisis that precarity endures for working Americans long after the markets and headline figures rebound will have to be learned again. And the central truth of our economic system will have to be confronted afresh: Ours is an economy where profits and power accrue almost wholly to a class of owners who, as we’ve seen this year, are willing and able to work their employees quite literally to death. The fact that the Biden administration is unlikely to produce solutions that get to the heart of our national iniquities hasn’t absolved us from the responsibility of devising, discussing, and promoting solutions to them. Many of the most promising ideas in circu
A Deeper Cultural Shift To Meet The Coronavirus Challenge
propertyrights to
economic rights to redress many of our social, economic, political, and cultural ills from which we are
all suffering today. That shift is not enough. Today, we will wade deeper into our condition.
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From Four Economic Rights to Four Economic Policies
Those who know Concordian economics at times ask me, “Why is Concordian economics not a common topic of discussion yet?
There are many answers, many reasons. The last one I have found is this: I have not yet explicitly linked the four economic rights and responsibilities of Concordian economics to their corresponding economic policies.