This blog compiles the thoughts of UCLA undergraduates on the connections between economic history and current events. All contributors to this blog are enrolled in Ec183, The Development of Economic Institutions in the United States. The premise of this course is the history matters. The careful application of economic theory and quantitative reasoning can help us understand the past.
Wednesday, December 7, 2011
“Obama takes populist economic message to the heartland”
This article describes President Obama’s current campaigning efforts to talk about his plans to fix America’s major problem with income inequality. Obama says that the average income of the top 1% of the population has grown by 250% over the last couple decades while the income of most other Americans has stayed pretty much the same. This kind of inequality has not been seen since the Great Depression and Obama claims that economic inequality is “the defining issue of our time” He says that the Republican belief in “trickle-down economics” has never worked. The article says that while many voters agree that economic inequality is a significant problem, a lot of voters lack the confidence that either the Republicans or Democrats know how to deal with it.
http://www.latimes.com/news/nationworld/nation/la-na-obama-kansas-20111207,0,7888559.story
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