The United States often touts itself as a capitalist economy, wherein each person operates according to their best interest. In theory, we are all mutually dependent, and people make money when they provide goods or services that are valued by other people – and for which they are willing to pay. Adam Smith, writing generations ago in Wealth of Nations, coined the term “Invisible Hand,” … Continue reading Boeing and the Failure of the Invisible Hand
Like many of you, the Patriotic Millionaires will be sitting down with our friends and family in the days ahead to give thanks for the blessings of the previous year, celebrate our achievements, and commiserate with our communities. By most objective measures, there is much to which we can toast: from the recent successes of organized labor to declining inflation and a strong job market, … Continue reading Giving Thanks and the Fights Ahead
“It’s the economy, stupid” is an oft-repeated truism in politics, quoted by politicos and Beltway journalists alike, after James Carville minted the phrase during the 1992 Presidential election. While the triangulating politics of the 1990s have not aged well, this phrase remains embedded in our lexicon because it was straightforward and carried with it generally helpful guidance for how candidates should run their campaigns. But the simplicity … Continue reading The Economics of Social Issues
We at the Patriotic Millionaires spend a great deal of time talking about wealth inequality, from the drag it puts on our economy to the way it acts like jet fuel for extreme politics. But one aspect of wealth inequality we don’t regularly touch on is the emotional and human toll brought on by its effects. A recent New York Times guest essay asked a very simple … Continue reading Economic anxiety and the labor immune response
My name is Bob Lord and I’m the Patriotic Millionaires’ Senior Advisor on Tax Policy. Before my time here, I practiced tax law for forty years and also ran for Congress back in 2008. We usually write this newsletter in the collective voice of the Patriotic Millionaires’ membership. This week though, I’d like to take the reins and give you my perspective on the new … Continue reading The real reason we want to raise taxes on the rich
Republicans have been busy in recent months cooking up plans for exactly what they want to accomplish if they retake Congress in the upcoming elections. It should come as no surprise that those plans are exactly what we’ve come to expect from the GOP for decades – tax breaks for the rich elite, crumbs for regular Americans, and the slashing of benefits and social services … Continue reading A Republican Congress Would Serve The Rich
It’s been a big week for economic news. From drama in Congress over the Build Back Better negotiations to continued economic strife affecting working Americans to new tax benefits offered to the rich, our economy is steadily moving in further favor of the wealthy, and the federal government appears ill-equipped to rise to the occasion. This week, we’ll look into how our current economy, policies, … Continue reading The Economy is Bad. Congress Needs to Fix It
When people talk about economic statistics and how people in the country are doing, they tend to use the word “average” a lot. We hear about the average family’s wealth, or the average personal income, or the average amount of debt. But thanks to out-of-control inequality, the average, or the total amount divided by population, is actually a pretty unhelpful statistic. Let’s say we have … Continue reading Statistics Matter: Why Averages Aren’t Useful When Talking About the American Economy
Last week, the Commerce Department announced that the American economy had a strong showing in 2021. Gross Domestic Product (GDP) grew 1.7% in the last quarter of 2021. bringing total annual growth for last year to 5.7%, the largest change that the US has seen since 1984. The Labor Department also shared some positive news. According to the agency, unemployment is very low in the US, with … Continue reading The economy could be worse, but it could absolutely be better
I am joining the Patriotic Millionaires for one big reason: sitting on the sidelines and watching is no longer an option – at least not for me. An increasing number of our fellow citizens feel disparaged by an economy and a politics that offers little or no security, that rewards the few and ignores the many, and that erodes our confidence in those who are … Continue reading Why I’m a Patriotic Millionaire: Andrew Ellis
President Ronald Reagan was a popular United States President. Upon leaving office, 63 percent of Americans overwhelmingly approved of the job he had done during his 8 years in office. His post-presidency popularity was solidified with efforts led by lobbyist and anti-tax activist Grover Norquist to convince local governments and private associations to name public spaces after Regan to preserve his legacy— particularly his tax … Continue reading It Is Time We Reexamine the Cost of Reaganomics
Congress just passed a long-awaited package designed to be a rescue plan for workers, families, and businesses struggling through the dual economic and public health crisis caused by the COVID-19 pandemic. This sweeping package demonstrates the undeniable power of the federal government to significantly reduce poverty when it decides to, and raises two questions: Why should we wait for once-in-a-generation global catastrophes to use the … Continue reading Let’s make The American Rescue Package’s anti-poverty impact permanent
Being poor in America is expensive. The 16% of our population that lives in poverty faces a daily barrage of hidden fees, fines, and predatory interest rates almost perfectly designed to keep them trapped in poverty. To be poor in America is far more difficult and complicated than it is often presented as. Things can quickly spin out of control when hidden costs start to … Continue reading Life Without A Living Wage
With only 50 Democrats in the Senate, supporters of President Biden’s COVID relief package don’t have the 60 votes necessary to overcome the filibuster and pass it as standard legislation. They also haven’t demonstrated a willingness to abolish the filibuster, leaving Senate Dems with one option: budget reconciliation. This process allows a simple majority to pass legislation by incorporating it into the budget, but it … Continue reading Parliamentarians, Byrd rule, and reconciliation
The federal minimum wage has remained at a deplorable amount of $7.25 an hour since 2009, despite the substantial increase in worker productivity and costs of living across the country. Luckily, The Raise the Wage Act of 2021 was introduced in the U.S. House of Representatives on January 26th to remedy this injustice. As President Joe Biden pushes for the increase of the minimum wage … Continue reading 13 Senators Oppose Helping Their Very Own States
I’m 53 and my wife and our two kids and I live in urban Denver. We are financially fortunate and thanks to two good incomes, decent investments, smart work and luck, we are what I call garden variety millionaires. My wife is an M.D. and I’m an MBA from a non-fancy non-top 25 school. I considered myself politically engaged and a proud and active member … Continue reading Why I’m a Patriotic Millionaire: Ron Guillot
This blog originally appeared on WalkerViewPoints on 9/30/20 Many kids, like me, first-generation college students, with farm and factory parents realized the American Dream. Ours was postwar America, a time of relative prosperity, when a poor kid could afford a decent college, when good jobs were abundant, and when wages were good.’ Introducing the Great Society in 1964 at the University of Michigan, Lyndon Johnson … Continue reading What Happened to the American Dream?
There is no reason for the government to give a free handout to the shareholders of the airlines.
With great distress, each and every person in America is watching public health and economic catastrophes unfolding daily. As a country, we are terrified by the way the COVID-19 virus kills both people and economies, and, as with people, economies with preexisting conditions are at greater risk. It’s become clear, in a mere matter of weeks, that addressing this issue will take time and thought … Continue reading Quarantining the Economy Is the Only Way to Save It
As 2019 comes to a close, let’s take a moment to look back at the major events that impacted the state of the economy – and the national conversation around our three core issues – as we enter the new year, and the many policy developments this year that are giving us hope for better, brighter decade to come.