Harold Meyerson

Harold Meyerson is the editor-at-large at The American Prospect and a columnist for The Washington Post. His email is hmeyerson@prospect.org

Recent Articles

Obama Threads the Needle

For Democrats, for liberals, today’s political climate poses a singular challenge. On one hand, poll after poll shows the public believes the economy is rigged against all but the rich. On the other, poll after poll shows that the same public—particularly after the disastrous roll-out of Obamacare—doesn’t believe government is the answer to the failings of the market economy. Indeed, recent polls show that the public mistrusts big government more than it does big business (which does not mean it holds big business in high, or even middlin’, esteem). Now, there’s precious little that can mitigate the growing inequalities of the current American market other than government and unions. But government is in disrepute and unions, in the private sector, have all but vanished. To his credit, President Obama not only knows this but has on occasion delivered robust defenses of government’s ability to counteract the structural deficiencies of the market through programs like Social Security,...

Investing in Stock Buybacks, Not People

AP Images/Richard Drew
One fundamental reason why the American economy continues to limp along is that no one—at least, no one with major bucks—is investing in it. The Obama Administration countered the collapse of private sector investment in 2009 with its stimulus program, which, alas, was partially offset by all the cutbacks in state and local government spending. It’s not been able, however, to get any subsequent investment projects through the Republican House. The private sector—the corporate sector more particularly—returned not just to profitability but record profitability by the middle of 2010, but its profits have neither resulted from nor led to increased investment. To the contrary, American corporations have never sat on so much unexpended cash. Right now, their cash piles total more than $1.5 trillion, and that’s not counting the assets of the banks. The cash is concentrated in the coffers of our largest corporations, many of them tech companies. Apple leads the list with $150 billion...

Raising the Minimum is the Bare Minimum

AP Images/Kris Tripplaar
In 1995, when John Sweeney ran the first and as-yet-only insurgent campaign for the presidency of the AFL-CIO, his platform took the form of a book entitled America Needs a Raise. If that title rang true in 1995, it clangs with deafening authority today. Which leads us to the only problem with the current campaigns to raise the minimum wage: It’s not just workers at the low end of the wage scale who need a raise. It’s not just the work of the bottom 9 percent of labor force that is undervalued. It’s the work of the bottom 90 percent. Conservatives who oppose raising the minimum wage argue that we need to address the decline of the family and the failure of the schools if we are to arrest the income decline at the bottom of the economic ladder. But how then to explain the income stagnation of those who are, say, on the 85 th rung of a 100-rung ladder? How does the decline of the family explain why all gains in productivity now go to the richest 10 percent of Americans only? And are...

The Penultimate Watergate Baby

The 1974 midterm elections, held in the wake of Watergate, were a Democratic landslide. The party increased its strength in the House of Representatives by more than 50 new members, many from suburban districts that had previously elected Republicans. The Watergate Babies, as the new members were called, were a different breed of Democrat than the veterans who represented more urban districts. They were not only more liberal on cultural issues and more committed to environmental causes than many more senior Democrats, but many of them were also less committed to the kind of bread-and-butter New Deal economic policies with which the party had been identified. In 1974, Jerry Brown was first elected governor of California preaching that the nation had entered an “era of limits,” by which he meant, limits to social spending. Gary Hart was first elected senator from Colorado, disparaging the politics of old labor Democrats. Today, just two Watergate babies remain in Congress, both from...

The Flying News

AP Images/Daniel Reinhardt
I t was a damned-if-you-do/damned-if-you-don’t contract that Boeing offered its workers last week, and its workers responded accordingly. Confronted with a contract that transformed their pensions into 401k’s, and with the company’s threat to relocate production of its new 777x to some other, lower-wage state unless its workers took the deal, the members of the International Association of Machinists Puget Sound/Boeing district approved the company’s offer by a suitably ambivalent 51-percent-to-49-percent margin. Two months earlier, the same members had rejected management’s offer by a two-to-one margin—whereupon Boeing invited other states to offer it relocation deals. Shortly before the second vote, the company announced that 22 states had responded with proposals—promising tax abatements, free land, anti-union public policies, and Lord only knows what else. If the company took one of those states up on its offer, as many as 10,000 of the 80,000 Boeing jobs in the Greater Seattle...