What if our biggest problems aren’t economic?
For intellectuals and commentators such as myself, for many policy wonks and academics, and even for many politicians, the question is how to make the American people happier. And the answers we come up with are usually economic ones — ideas for policies that will improve the material well-being of either the whole populace, or some segment of it.
This is common on both sides of the aisle. On the left, centrists have embraced the Abundance movement, whose main idea is to give Americans more stuff — more housing, electricity, health care, and so on. For progressives and leftists, meanwhile, Medicare for All is probably the centerpiece idea. On the right, Trump’s trade agenda has usually been justified with claims that it will return good manufacturing jobs to the American working class. Even immigration restriction is usually couched in economic terms — the MAGA people claim that mass deportations will open up jobs for Americans, lower the price of housing, and so on.
The roots of the country’s malaise, too, are often described in economic terms. Many people claim that the First China Shock — and the loss of good blue-collar jobs to offshoring more generally — left a disappointed, angry working class in its wake. Progressives decry corporate landlords that they claim raise the cost of housing, and blame grocery stores’ greed for the rising cost of food. Practically everyone agrees that inflation was the biggest reason Trump won the 2024 election.
