contributors_patel_economics2

Guest Post: How Bernie-nomics Work

By Alex Patel

Many conservative and Republican commentators have been quick to call Bernie Sander’s economic proposals shortsighted, unsustainable and even harmful.

However, a quick glance at Nordic countries and U.S. history proves otherwise.  Sanders has stated that he wants to make America more like Scandinavia.  This may seem radical, except that it’s not. Scandinavian countries have far greater social progress than the United States, with greater quality of and access to healthcare and education, more wealth per capita, less crime and a greater reported life satisfaction.  If we truly want to improve the quality of life of most Americans, we should listen to Sanders and at least take a look at the policies of our Northern European friends.

The United States is currently plagued with crippling inequality.  Right now the top .1 percent owns as much wealth as the bottom 90.  Inequality has not been this bad since the Great Depression.  Additionally, since 1979, the wages of the top 1 percent have increased by over 137 percent while the wages of the bottom 90 percent grew a mere 15 percent. 

Sander’s economic policies can be a guiding light toward a better future.  By making college affordable, investing in our crumbling infrastructure and eliminating egregious tax loopholes and deductions we can sustainably move toward growth and prosperity for all Americans.  But the interesting thing is that these policies aren’t just for short-term growth.  They can also help in the long run.

Keynes wrote that the “boom, not the slump, is the right time for austerity.” The problem is that the United States did the opposite in the early 2000s. We spent trillions in the wars in Iraq and Afghanistan and cut taxes, creating a large deficit and debt.  Then these same politicians who wanted to go to war and lower taxes have the audacity to advocate for austerity in the post recession economy.  The truth is right now we need the government to help put people back to work, invest in green energy and reduce the enormous wealth gap.  This doesn’t mean that the government’s goals are antithetical to that of capitalism or private businesses. Rather, it’s about destroying crony capitalism, breaking up the powerful banks and restoring power to the people.

When we make college affordable, more people can get an education. This paves the path for improvements in science and technology with a more educated populous.  Infrastructure developments create jobs and improve quality of life. Every dollar spent on infrastructure has about a $2 return.  The beauty of all is that we did it in the past with great success. Look at the policies of the 1940s and 1950s.  We built the Interstate Highway System (with the help of a Republican president), invested in jobs, used the GI bill to make college a financially realistic possibility for many returning soldiers and had a top marginal tax rate over 70 percent.  And you know what? The world didn’t collapse.  We saw tremendous growth across all income levels, made remarkable scientific discoveries and developments and significantly increased the quality of life for many Americans.

Bernie Sander’s plans can create the real recovery we need as opposed to just gains for the few.  Austerity can happen in the boom, but now it’s time for a little good investment, a dash of Scandinavian-style reforms and a whole lot of integrity and ingenuity.  I believe in Bernie Sanders.

_________

Alex Patel recently graduated with an undergraduate degree in political science from American University.  Originally from Los Angeles, he moved to the Bay Area to work at an augmented reality start up.  He encourages fellow millennials to vote in the upcoming primaries and elections and participate in the political system in order to make a difference and slay political apathy.

 

Posted in Contributors, Uncategorized.

One Comment

  1. Thank you for writing this. I think this blog is going to be helpful for me in talking to some of my friends and family who think we can’t afford his policies!

Leave a Reply

Your email address will not be published. Required fields are marked *