For those of you who had the great fortune of being alive and cognizant of your surroundings, 1996 was a superb year in American history. The economy was roaring, terrorism wasn’t the threat that it is today, and everyone was making of fool of themselves doing the “Macarena.“
Nevermind that a lot has changed since then, because our presidential candidates seem to live in an imaginary world that’s frozen in the mid-90s, especially when they talk about the economy.
“It’s All Coming Back To Me Now”
The debates between Hillary Clinton and Donald Trump highlighted the candidates’ secret sauce for addressing our economic woes. Unless you’ve been living in a pineapple under the sea a-la-spongebob, you’re probably aware that economic growth has felt pretty underwhelming since the Great Recession — particularly when it comes to wage growth. However, the economy is actually steadily improving and the job market is exhibiting a great deal of strength.
From Yahoo Finance: Clinton and Trump are debating about the economy like it’s 1996:
“Clinton wants to tax the wealthy and use the proceeds to fund thousands of new jobs building roads and bridges, as Democratic politicians have sought to do for decades. Republican Donald Trump wants to tear up trade deals that have made the US economy more efficient than ever and forced down the prices of many everyday products. Some inconvenient facts undermine these backward-looking prescriptions for sluggish economic growth.”
Clinton: Isn’t it ironic, don’t you think?
Just like Alanis Morissette told us in 1996, these plans are ironic because they’re totally mismatched with our present economic needs. Employment is currently at healthy levels, which makes Clinton’s infrastructure stimulus plan seem a bit premature.
Typically, stimulus programs are a policy tool that come in handy during recessions. So, while our infrastructure definitely needs some upgrading, it might be wise to wait until we actually need the extra jobs jolt. Right now, juicing our economy with 300 billion dollars and creating a bunch of construction jobs is not a good idea.
It’s basically like giving a healthy patient antibiotics – it’s completely unnecessary and leaves us with fewer options when we’re actually in trouble. Of course, there are always side effects to stimulus, and during economically stable times these types of programs can cause labor shortages.
Trump: You can’t “Change the World“
Trump wants to change the world by discouraging cheap imports from countries like China. The problem with that policy is that it probably won’t create jobs. Instead it would probably be extremely disruptive by increasing prices overnight, and ultimately lead to an economic slowdown. Trump wants to encourage U.S. manufacturing, which, in case you’re wondering, is back at pre-recession levels.
Manufacturing is increasingly mechanized, so “making America great again” won’t necessarily translate into actual humans working in factories. Many of the jobs we’ve lost in manufacturing will never come back. We live in a post-manufacturing economy, and our politicians are just far behind the times.
Baby Boomer “Fantasy“
Mariah Carey’s hit “Fantasy,” pretty much sums up political messaging at this moment. Remember, young people don’t vote as much as older generations do, so it should not be surprising that the candidates tailor their language to baby boomers. This is a generation that includes millions of people who live in an economic “Fantasy” stuck back in 1996. Politicians still talk about coal mining and loud smoky factories because that’s how the average citizen who is likely-to-vote imagines it. Really, we’re lucky that politics is currently forward-thinking enough to be living in a 1996-like reality.
Ivanka and Chelsea for president?
Regardless of the outcome of the presidential election, our president is going to be at least 69 years old. In a better world, we would see Ivanka and Chelsea on the ballot instead of their parents, as they are much more in touch with today’s rapidly changing world than their parents are. Until that “One Sweet Day” when Millennials start voting regularly, don’t be surprised by a political environment that’s stuck in 1996.
Note: The author was 12 years old in 1996, and has included many references to pop songs that topped the charts that glorious year.
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