SHOPPING FOR AN ECONOMIST

by Ruth A. Sheets

How is it even Democratic leaders keep picking as advisers, economists who center their principles solely on business interests?  Mr. Biden’s current economic adviser is Larry Summers, former Wall Street hero and definitely not one to help this nation move into the new economy we will need post COVID19 and in the midst of Black Lives Matter.  The old model of corporation-centered, worker who is used solely to benefit the corporation, stockholders,  and Wall Street is going to have to change dramatically.

These unfortunate choices of economists make no sense because Democrats have for more than 80 years been the party of workers.  Just because a man, mostly men, has graduated from a "prestigious" school in Economics does not mean he understands or cares one wit about workers.   It generally means he has only corporate interests in mind, after all, aren’t those universities the path to riches for privileged white boys through corporate life?

Mr. Biden, you are going to need an economic adviser who stands for workers, understands their needs and their rights.  The truth is, if workers are taken care of and do well, corporations will do well too, despite corporate whining that the workers are “robbing them blind” or some such nonsense. 

Here are a few things that can help workers as well as corporations, but it is going to be hard to shake the traditional economists who truly believe “the bottom line” is the only thing that matters and that if workers don’t buy into that, they should be fired. 

- On every corporate board in this country, we need workers represented who understand their job and how that job fits into the task of the corporation.

- A progressive tax structure is essential to both  begin to level the playing field for all Americans and to close the financial gap between CEOs and workers.  Corporations suck out our resources at an alarming rate, then pay next to nothing compared to what they rake in. 

- We need people in government with a vision of what a new economy could look like and who can help our nation understand it and move toward bringing it about.  There is no going back.

- Global warming is with us and will be possibly for centuries and we need to foster research and development that can help us do what is necessary to stop emissions of greenhouse gasses.  This problem should be at the center of everything we do.  If corporations aren’t on board, they will need to be phased out or retooled to the new system.

- We need someone with an understanding of what our economy has been doing to and for various segments of our society.  It has clearly been helping white men, particularly those who have had every advantage from birth.  It has not been that great for nearly everyone else.  That too, can no longer continue. 

- Polluting and dumping in poor communities is unacceptable.  Businesses have gotten away with this for a long time and it must stop.  Before products can come to market or “services” can be performed we need ways to deal with the results of the process, whatever it is that does not disproportionately impact poor communities.

- We must have in place at all levels of government people who can help corporations with hiring (not computer algorithms), particularly employing more Black workers at all levels.  Companies need to unbias  their whole hiring process.  Black Lives Matter and it is time our economy reflects that at all levels.  This is non-negotiable! 

- Every employee must earn a living wage.  We need to find ways to acknowledge that janitors work  at least as hard as the white collar  bosses who employ them.  Therefore they should not have to hold down two jobs just to survive. 

- Caring for a family and members who may be ill or need special help needs to be recognized as essential, and should count  toward receiving benefits in times of disability and old age. 

- We need some kind of universal health care. 

- We need more unions and it must be easier to create them in all kinds of businesses.  Where there are unions, everyone does better.  Unions need to be truly worker centered with the goal of excellence from entry-level worker to CEO.

- Signing non-disclosure agreements or forced arbitration with rules set up by the business, nearly always to the detriment of the worker must be a thing of the past.    

- Child care and family planning services must be part of every contract giving men and women essential choices.

In short, Mr. Biden, you need new economic advisers.  Perhaps you should vet and interview  prospective candidates the  way you will a vice presidential partner.  The economics adviser will be critical in getting out the message of what you stand for and the direction you want the country to go.  We can't go back, and alas, Larry Summers is an economist of the past and too tied to Wall Street, America's casino during the pandemic.  Shop around.  Talk to some economists like Paul Krugman to help you find someone or several someones more appropriate.  Mr. Summers can toss in his ideas here and there, but should not be at the center of any economics decisions you make.  You can be the vanguard of a new post-COVID19 society, but only if you let go of the economists and most economic ideas of the past.