As economists keep telling us, the Great Recession is officially over. The U.S. gross domestic product grew by a sad 1.8 percent last year. Here's why you probably don't know it: Just about every ounce of economic gain went to the top.
Last week, during the Democratic National Convention, in a rare display of party message discipline, viewers heard Bill Clinton, Elizabeth Warren, and a raft of other speakers talk about the best way to “grow” the economy—“from the middle-class out and from the bottom up.” They were careful, though, to avoid certain phrases to describe that bottom—including “lower class” and “lower middle class”—and for good reason. Most people don’t like to identify themselves as low-income, even when they are.
The big story late last week, after the Democratic National Convention ended, was that President Obama had received a monster bump—Nate Silver put it at almost eight points—made all the more dramatic when compared to Republican challenger Mitt Romney's measley plus one. But Obama isn't the only one leaving the party in Charlotte on an upward path: a new poll today shows Elizabeth Warren pulling even with Scott Brown, the Massachusetts Republican who she wants to replace in the Senate.
Make no mistake: One of the major themes at the Democratic National Convention (DNC) was invented by one of its keynote speakers. A little more than a year ago, Elizabeth Warren* told a supporter in a living room in Andover, Massachusetts, that “there is nobody in this country who got rich on his own. Nobody.” What she meant was that American business thrived because it took root in a stable democracy that looked after the common good and invested in roads and education. She expanded that: Anyone who’s benefited has an intergenerational responsibility to pay the fruits of that investment forward.
In early October 2011, Shannon Sherman, a pregnant nurse who was two weeks from her due date, met Elizabeth Warren, though she didn’t know it at the time. All Sherman knew was that a friendly woman said hello to her in the ladies’ room at the Massachusetts Nurses Association’s annual conference, asked how far along she was, and shared a chuckle about the difficulties and indignities of the ninth month of pregnancy. Sherman had heard of Warren; the previous summer, the nurses’ union had been among the first to endorse the Democrat in the 2012 Senate race, while she was still in Washington overseeing the Consumer Financial Protection Bureau. Like many progressive groups, the union was eager to encourage Warren to jump into the race for the Senate seat Ted Kennedy had held for 47 years until his death in 2009. Scott Brown, a Republican, had won a special election in January 2010, and Democrats were still aghast over it.