[This is the addended transcript of my regular KVMR commentary broadcast on 3 August 2016.]
Liberal economist Professor Alan Blinder of Princeton maintains that 'Only (Hillary Clinton) Can Make Wages Grow Again', and then launches into a lecture on how economic policies by government fiat will outperform the market driven nostrums advanced by Donald Trump.
He rejects out of hand Trump’s workforce supply and demand argument along with lowering the American employers’ tax burden as ways to encourage and promote the ability of companies to raise wages. In Blinder’s epistle there is no recognition that workers’ wages are based on the value workers deliver to their employer, and that in turn is naturally dependent on the workers’ productivity. There is no reasonable way around these age old economic principles save through force by the government gun, and history makes plain the kind of economies which result from such autocratic policies.
It is important to understand the good professor’s counsel because he serves as an economic adviser to Mrs Clinton, and is a prominent national spokesman for a cadre of progressive economists. Blinder’s list of Clinton’s superior economic policies is 1) raise the minimum wage, 2) force corporations to share profits with workers, 3) launch government subsidized vocational education programs, and mandate employer provided apprenticeships, 4) compel states to provide pre-K education to all, and 5) increase the federal Earned Income Tax Credit.