The Money with Katie Show The Real Story of the US Economy: How the Last 40 Years Gave Us the Next Four
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Dec 4, 2024 Discover how Reaganomics shaped today’s economy and the rise of economic populism. Explore the impact of stock buybacks and labor’s dwindling share of income over the last four decades. Delve into the widening wealth gap post-COVID and the ongoing debates around tax reform. Unpack the frustrations of the American public with a political system that prioritizes corporate interests. Finally, learn about the intersection of personal finance and community engagement in tackling systemic economic challenges.
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Reaganomics and Inequality
- The rise of "Reaganomics" in the 1980s, marked by tax cuts and deregulation, aimed to boost the economy.
- However, this era coincided with increasing social and economic inequalities, leading to a "zero-sum mentality."
Financialization and Labor's Decline
- Tax cuts for corporations and the wealthy, coupled with loosened regulations on stock buybacks, enriched shareholders and executives.
- This led to a decline in the labor share of income, meaning workers received a smaller portion of the economic output they produced.
Bidenomics and Corporate Pushback
- Biden's initial economic proposals included infrastructure investments, social programs, and tax increases on corporations and high earners.
- These plans, however, faced significant opposition from business groups and lobbyists.