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Wednesday, July 26, 2006
Principles
As I recall, during his speech accepting the Republican nomination for President in 2000, George Bush said something about a principle that no person should pay more than 1/3 of their income in taxes. It's an artificial principle, but it's still a principle.
I think it's time for Democrats and progressives to rally around a similar principle of fairness: that the spoils of economic expansion should be shared by all Americans. If I were an economist -- and I'm certainly not -- I'd give you a number, like 10% of economic expansion should be returned to workforce as real wage growth. To be clear: I have no idea what a responsible number would look like.
We've been stuck on 0% real wage growth for far too long. We need a party that will be committed to seeing wage growth for all Americans. Such a policy would be implemented through a shift in priorities for the Fed chair and, potentially, an excessive compensation tax.
