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  What the Davos crowd needs to understand
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Last EditedRP  Jan 19, 2017 04:17pm
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CategoryCommentary
AuthorMark Thoma
MediaTV News - Columbia Broadcasting System CBS News
News DateThursday, January 19, 2017 10:30:00 PM UTC0:0
DescriptionWhat’s important is not what caused so many people to lose their jobs or to find a job (if they could at all) that’s not as good as the one they lost. It’s that the “global elite” begin to fully comprehend how much resentment people feel over what has happened to their lives, to their communities and to their children’s futures.

So far, those who have benefited so much from globalization and technological change -- the type of people who attend Davos -- have managed to find scapegoats that deflect blame from themselves.

The working class is told, for example, that immigration is to blame and a wall is the answer, or that their troubles arise from a government that devotes all of its attention to the “undeserving” poor while ignoring them -- and with Donald Trump in power all that will change. Workers are told it’s because of taxes or regulation: Take care of those and the economy will boom -- America will be great again!

In fact, they whine for more. They want governments to lower their taxes and spend less on help for those who are struggling in this economy. They want to do away with regulatory agencies such as the Consumer Financial Protection Bureau and to remove constraints on the financial sector put into place after the meltdown so they have even more chances to line their own pockets at the expense of others.
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