Hat tip to Robert Naiman for sharing this editorial piece by Bloomberg praising the bottom-up approach followed by Iceland in dealing with the financial and economic crisis and, by contrast, blasting the U.S. and EU approaches:
But, who would have thought that using public resources to help regular people manage their debt — rather than the bankers keep paying obscenely high bonuses to their top executives — could ever work?
Actually I did. I said that the bottom-up approach would be “more effective, equitable, and inexpensive.”
The sooner we understand the best economic policy for us is an organized and enlightened class struggle (and act accordingly), the better. Here are two economists ruminating about it:
From Robert Reich’s Facebook page (Reich was U.S. Labor Secretary under Clinton):
One of the most encouraging things I’m seeing isn’t happening in Washington. It’s happening at big-box retailers and fast-food chains, where the lowest-paid and most vulnerable workers in America are beginning to organize for higher wages. Yesterday, fast-food workers at McDonalds, Burger King, and other chains went on strike in New York. Last week, Walmart workers staged protests. The Bureau of Labor Statistics estimates 7 out of 10 growth occupations over the next decade will be low-wage fields like these whose workers are earning between $8 and $10 an hour. And contrary to popular mythology, these jobs are not being done by teenagers. The median age of fast-food workers across America is over 28, and women — who make up two-thirds of the industry — are over 32, according to the BLS.