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Alternative Market Briefing

The end of good jobs in America

Monday, October 02, 2017

Bailey McCann, Opalesque New York:

This week, President Trump released the outline of his tax plan, a proposal many on Wall Street were anticipating. To hear business tell it, America might as well be France. Shackled under the yoke of regulation and taxes it's a wonder America has any economy at all. Tax reform was supposed to solve at least one part of that, making it cheaper for business to do business. But, the plan, which has been widely panned even on the Street is largely a giveaway to the already wealthy. Early analysis of the plan suggests it will do little to amp up economic growth or create new jobs.

Trump's tax plan comes with few surprises to anyone who has watched the debate over economic growth in recent years. Over the past few decades, America's middle class has slowly resigned itself to the end of new, "good" jobs. Workers have seen wages fall, benefits get cut, pensions and home values evaporate all while the cost of living steadily increases year after year. New jobs now, often mean a few hundred service jobs with low wages and few if any benefits. A new book - The End of Loyalty: The Rise and Fall of Good Jobs in America, by Druker Institute researcher Rick Wartzman, offers a brief history of how we got here.

The book starts with a meeting of 19 American CEOs in March of 1943. The group sat down at the Harvard Club in New York to craft a plan to keep the economic boom driven by World War 2 alive. With the Depression in the backgr......................

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