Rational anaysis is hard to find in real life:
But in Elkhart, people have jobs they didn’t have six years ago, and they’re working more hours. Their homes are worth more than they were before Obama took office, on average, and their paychecks are fatter than they used to be. Yet Obama is, and will likely remain, the president who didn’t do anything right.
Ezra Klein frames up the election well here:
This is the argument coursing through this election. Democrats believe America’s rising diversity, its increased emphasis on inclusion, is making it greater. Republicans have nominated a candidate who represents and channels the fears of that diversity, the sense of displacement — both real and imagined — that accompanies that inclusion.
Check out a different view from Peter Beinart:
But when Elizabeth Warren and Bernie Sanders took the stage later in the evening, the convention began to sound much more like the campaign Gore actually ran: the dark and angry, “people versus the powerful.” Warren said: “I’m worried that opportunity is slipping away for people who work hard and play by the rules.” Sanders talked about “the 40-year decline of our middle class” (40 years that include the presidencies of Bill Clinton and Barack Obama), called American inequality “grotesque,” and said America was moving “toward oligarchy.”
Source: “The Democrats’ message: America is already great. Don’t let Trump screw it up.”
Why it matters long term? As an academic says:
“There is a very strong track record of places that attract talent becoming places of long-term success,” said Edward Glaeser, an economist at Harvard and author of Triumph of the City. “The most successful economic development policy is to attract and retain smart people and then get out of their way.”
US consumers have learned a hard lesson since the financial crisis; they’re much less interested in sporting a wallet full of credit cards.
Consumer lending just isn’t the money maker it used to be