New Deal = New Economy
What should the “new deal” aspect of the “Green New Deal” include? To answer that crucial question we have to go back and take a closer look at the original New Deal. That program is usually portrayed as the creation of a “safety net” which is highly misleading. What we actually did was redefine the rules that shape, indeed define, our overall economy. The New Deal was actually a New Economy, exactly what we need today.
Stock Buybacks Destroy Wealth
Most corporate executives describe stock buybacks as a means to return value to shareholders. Most corporate critics describe them as a tool used by corporate executives to enrich their personal income. Neither is all that accurate. They’re really little more than gambling bets and once the financial casino takes their cut all they actually do is remove wealth from the economy completely.
Capitalism vs Socialism is Gibberish
The Republican Party strategy for 2020 is to frame capitalism vs socialism as the key choice facing the electorate. In the 21st century those words are little more than expletives aimed at opponents or gang colors used to rally supporters. As tools for intelligent discourse, those words offer nothing but gibberish. In the course of our history we’ve had four different socioeconomic paradigms. The words “capitalism” or “socialism” offer little value in describing any of those. Our fourth paradigm has been an utter failure and the 2020 election offers the opportunity to move to something new. We do indeed face a profound philosophical choice, but it has nothing to do with either capitalism or socialism.