Debunking America’s Populist Narrative

As US voters worry stagnant wages, the availability of good jobs, and the nation’s ability to compete, economist J. Bradford DeLong suggests that candidates and voters may be going after the wrong targets. “The reason that incomes have stagnated is that American politicians have failed to implement policies to manage globalization’s effects,” he writes for Project Syndicate. US candidates have criticized trade agreements, but to be fair, they do not promise blanket opposition but rather reviews of fine print and revisions that would emphasize US job opportunities. DeLong lists bad policy decisions that have made globalization a bad deal for many Americans: “allowing the financial industry to profit by convincing investors to bear risks they should not,” “allowing health-care providers to profit from administration,” “incarcerating 2% of the country’s young men and concluding that America’s economic problems would be solved if only the rich could keep more of their money.” Candidates should learn from voters as much as voters do from candidates, and DeLong chides citizens who fail to vote or inform themselves on the issues. – YaleGlobal