Cisairse wrote:Reaganomics, a policy that literally is named after Ronald Reagan, is what caused the stock market crash of '87 as well as being the reason why wages have remained flat since the 1980s. It's also a big part of the '08 economic meltdown.
Stagnant wages have been a feature of our economy since the late 1970s and the problem probably goes well beyond Reagan. Neoliberal trade policies, outsourcing, weaker trade unions, large-scale immigration of low-skill workers, etc. do not create social and economic conditions that allow for upward pressure on wages. Reagan and Clinton had a lot to do with that in truth, but it's not as though these positions are outside the political orthodoxy. Labour went up to bat for neoliberalsim. As have American leftists in recent years.