Mike the Mad Biologist

A Fine Speech

No, I’m not referring to Bush’s State of the Union, but Senator James Webb’s response. What’s interesting is how hard he hit the economics:

There are two areas where our respective parties have largely stood in contradiction, and I want to take a few minutes to address them tonight. The first relates to how we see the health of our economy – how we measure it, and how we ensure that its benefits are properly shared among all Americans….

When one looks at the health of our economy, it’s almost as if we are living in two different countries. Some say that things have never been better. The stock market is at an all-time high, and so are corporate profits. But these benefits are not being fairly shared. When I graduated from college, the average corporate CEO made 20 times what the average worker did; today, it’s nearly 400 times. In other words, it takes the average worker more than a year to make the money that his or her boss makes in one day.

Wages and salaries for our workers are at all-time lows as a percentage of national wealth, even though the productivity of American workers is the highest in the world. Medical costs have skyrocketed. College tuition rates are off the charts. Our manufacturing base is being dismantled and sent overseas. Good American jobs are being sent along with them.

In short, the middle class of this country, our historic backbone and our best hope for a strong society in the future, is losing its place at the table. Our workers know this, through painful experience. Our white-collar professionals are beginning to understand it, as their jobs start disappearing also. And they expect, rightly, that in this age of globalization, their government has a duty to insist that their concerns be dealt with fairly in the international marketplace.

In the early days of our republic, President Andrew Jackson established an important principle of American-style democracy – that we should measure the health of our society not at its apex, but at its base. Not with the numbers that come out of Wall Street, but with the living conditions that exist on Main Street. We must recapture that spirit today.

And under the leadership of the new Democratic Congress, we are on our way to doing so. The House just passed a minimum wage increase, the first in ten years, and the Senate will soon follow. We’ve introduced a broad legislative package designed to regain the trust of the American people. We’ve established a tone of cooperation and consensus that extends beyond party lines. We’re working to get the right things done, for the right people and for the right reasons.

Then after discussing Iraq, he returns to economics:

Regarding the economic imbalance in our country, I am reminded of the situation President Theodore Roosevelt faced in the early days of the 20th century. America was then, as now, drifting apart along class lines. The so-called robber barons were unapologetically raking in a huge percentage of the national wealth. The dispossessed workers at the bottom were threatening revolt.

Roosevelt spoke strongly against these divisions. He told his fellow Republicans that they must set themselves “as resolutely against improper corporate influence on the one hand as against demagogy and mob rule on the other.” And he did something about it.

It’s good that Democrats are finally sounding like Democrats. Hopefully, they’ll back it up. Repealing the Bush tax cuts and passing a serious healthcare bill would be a start.

Comments

  1. #1 Craig Pennington
    January 24, 2007

    I was surprised by Webb’s economic populism during his Senate campaign. He’s a former marine and a Reagan administration Republican — I expected him to lean libertarian on economic issues. But it was clear that he was embracing a more progessive position during the campaign (though you wouldn’t have noticed with all the crap the media were covering at the time.)