Economy that works answer to housing crisis
Regarding the housing crisis in Wallowa County and “the demographic shift away from the middle class” (July 26 edition), I suggest we direct our attention to 40 years of stagnant wages across our nation. In other words, we should look at the “demand” side of the “supply and demand” equation.
We’ve seen the benefits of increased productivity go to those at the very top as working Americans lost their bargaining power when jobs were automated or sent overseas. More than 20 percent of our national income now goes to the top one percent, compared to less than 10 percent of the total in the ‘70s. That extra 10 percent represents our lost wage increases. Free markets have not solved the problem. They have made it worse.
That extra 10 percent now amounts to well over a trillion dollars annually, which would work wonders if it were in the hands of working families where it belongs. A “big-time” increase in the federal Earned Income Tax Credit is recommended by Warren Buffett, one of our most astute businessmen.
The Page 4 editorial calls for “new ways of thinking and innovation.” We could get together and demand and achieve a fair and growing economy that works for everyone.