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For all the complaints that can be made about the Trump administration, the economy is not one – not for a reasonable person, anyway.
The 304,000 net new jobs created last month far exceeded expectations. And at 4.0%, the unemployment rate remains lower than what is traditionally considered as full employment. This left the Democrats speechless, even during the election year that has just ended, on what is usually the most important issue for voters.
Normally, when the economy is flourishing under a republican administration, Democrats react by calling the jobs created "McJobs", mediocre and subordinate work that is hardly worth exercising, they say. But this time, they seem to recognize that even this trope will not cut it. So, they rather push the idea that the economy and its jobs are somehow not moral enough, that economic gains are not sufficiently "shared".
"What happened to a moral responsibility, to a moral capitalism?" Former Vice President Joe Biden asked at an event this week. "I think there is a shared responsibility, which is not shared equally between workers, middle-class workers and working-class people."
Bernie Sanders said during his own campaign: "You have three people who possess more wealth than the lower half of America. It's morally wrong, in my opinion. "
Both claims are specious and the Democrats' claims to morality in economics are even more ridiculous.
Biden's story fails on his own terms. Workers' wages rise considerably under Trump, a long-awaited improvement over the annoying stasis under which he chaired under former President Barack Obama. Is this really the moment when Biden chooses to find a moral crisis in America? On the contrary, the economy has become more accurate since Biden spent his afternoons staring at the windows of the White House.
When Sanders complains about the concentration of wealth, he only makes an unimpressive mathematical argument. Consider this: about 20% of US households have a negative net worth. Add to that the next 10 or 20% of households whose small positive net worth is added to just enough to cancel the negative net worth of the first group. Combine the two groups and their net wealth is zero. This means that all together, perhaps 30 or 40 percent of households, have less than a five-year-old child without debt and a penny in their pocket.
As impressive as it sounds, it has nothing to do with wealth accumulation by Jeff Bezos, Warren Buffett, or Bill Gates.
In any country where the courts are independent and where the rule of law prevails, a growing market economy is an engine of equity. After all, its only goal is to give people what they want and reward the value they produce.
Democrats have not been very lucky to deny today's economy. They look silly to claim to understand and denigrate his morality.
Their call is to envy, which is immoral. Obama used to talk about the rich who paid their fair share, as if their share had not increased for decades. Sanders speaks ad nauseam of "millionaires and billionaires". Democrats have run out of ideas to defend themselves as good stewards of the economy. They turned to our lowest instincts and concealed the discourse on morality.
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