A report issued by Obama’s Council of Economic Advisors last week boasted that the US economy has recovered from the global financial crisis faster than other countries because it had dealt with “structural imbalances.” This includes reducing government spending on public education and other social services at the fastest rate since World War II and sharply lowering expenditures on health care. Real wages, the report noted, have fallen by 0.3 percent since 2010. The number of salaried workers afforded overtime protection had fallen from 45 to 39 percent.
The picture of the future painted by the Obama administration was even more chilling. Stable jobs and employer-paid health care and pensions would be replaced by greater “labor market fluidity,” reducing workers to the status of desperate migrant laborers without the slightest job protection.
Structural imbalances = deficit spending
Democrat = Republican