This article from Rolling Stone outlines "five economic reforms millennials should be fighting for". The Jesse Myerson begins by stating that the "economy still blows," and that instead of merely complaining about it, millennials should start getting behind causes that actually could change something. His ideas are as follows:
1. Guaranteed Work for Everybody:
The idea here is that anyone who wants to work would be able to find a job in the sector of their choosing, while being paid a living wage. Myerson states, "The program would automatically expand during private-sector downturns and contract during private-sector upswings, balancing out the business cycle and sending people from job to job, rather than job to unemployment, when times got tough."
2. Social Security for All:
The idea here is that the government would add a sum to everyone's bank account each month. This, along with job guarantee, would allow participation in the labor force to be voluntary.
3. Take Back the Land:
If a land-value tax is put in place, there will be no free-rides and wealthy real-estate owners will not be able to take advantage of the market in the way that they have.
4. Make Everything Owned by Everybody:
Get rid of the 1% that own most of the country's capital stock. This could be done by collectively buying up the stocks and bonds that have previously been owned by the elite. "Think of it like a big investment fund that buys up assets from the private sector and pays dividends to all permanent U.S. residents in the form of a universal basic income."
5. A Public Bank in Every State:
This would essentially create mini-Wall Streets in each state. It would allow loans to be taking out more locally and economic reform to happen on a much smaller scale, closer to home.
Blogger's Note: The opinions in this article do not necessarily match mine. They contradict much of what we have learned in class, however, they also provide an interesting platform for debate.
I would say that I agree with some and disagree with most of them. Especially number one. If everybody is guaranteed work then no one will work harder or push themselves to make things better. Everyone will be laid back and do just enough to get by, instead of innovating.
ReplyDeleteI really like the fifth statement in this article. I believe that economic reforms would be more effective if they were on a smaller scale and specific to each individual state, or even county. Economic reform is effective on a large scale, but if larger banks in smaller areas have more control then there will be less pressure on economic reform to appeal to every individual area's needs and problems.
ReplyDeleteVery interesting article and maybe a little extreme on the policies. Due to the political dynamics of the country and the current laws, this just isn't possible in America. Obviously this article was written with the intent of causing a little bit of controversy but most of these policies are not economically or politically feasible.
ReplyDeleteThe article's points are ethical, but not practical. The wealth redistribution can cause a lack of incentive to work harder. If the opportunity cost of becoming wealthy is held constant, it will not be enough to out weigh the extra work to become successful.
ReplyDeleteI agree with Gunnar; additionally, points 1-4 all go against the capitalist system we have in place almost entirely. Point 5 is probably the easiest to implement, but also would probably have the littlest impact (at least the far-reaching impact that the author seems to desire).
ReplyDelete