Both political parties in America are generally business-minded, preferring to stay out of the economy and extend variations of Reaganomics and the growth it brings. While Joe Biden has set out a progressive stall thus far, Investopedia note that his financial-economic plans don’t actually bring much change to the table in terms of real, solid, equality. This is despite even conservative plans favoring a state in which the average worker is provided with good rights and equality in the workplace. Indeed, some of the major conservative voices in economic theory take a stance that could even be described as liberal in its nature.
Trickle down with Sowell
One of the most important scholars of the 21st century, and especially as it concerns modern America and its interactions with the black population, Thomas Sowell has had a huge influence on politics and law – not least through Clarence Thomas. Thomas Sowell’s written works have dealt with what he terms ‘the myth’ of trickle down economics, arguing that such a system has never existed and is merely a balanced representation of how wealth is distributed, according to The Columbus Dispatch. Despite this, he has also advocated for properly paid workers, stating that they must be paid before any profit is issued. While perhaps viewed as a left-wing stance, this shows how even conservatives can see how workers have to be respected in order for the economy to get moving.
Repairing the welfare state
Those interested in the American healthcare system will have noted the vast inefficiencies it has – despite ranking very low in OECD rankings of the most developed healthcare systems, the USA spends more government money than any other developed country, per capita, on healthcare. This is due to the poor state of repair the system finds itself in, according to conservative historian Bruce Bartlett in The Dissent. The welfare state is, to a degree, inevitable; it allows the efficient organization of philanthropic measures present in any normal functioning society. America needs a mea culpa with the operation of its own welfare state in order to trim down and provide care effectively.
Can change be embraced?
There are signs that these conservative voices are having a positive impact. Research conducted by analysts Pew highlights that all voter groups bar core conservatives see inequality as a significant challenge in modern day America. While ways of approaching this inequality are not easily agreed on, it is nevertheless the truth that many recognize and will prioritize the problem. Bringing in liberal economics, or elements of it, enables conservatives to blend their views on social issues with a money management scheme that really does help those most in need.
With the country divided, however, it is unclear as to whether there will be significant change soon. More need to listen to those wise voices and clear heads and prioritize learning over partisanship. This much is clear.