Ro Khanna, author of "Entrepreneurial Nation: Why Manufacturing is Still Key to America's Future," joins Up w/ Chris Hayes to discuss examples of how President Obama's uptick in the polls could be related to a more robust economy.
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Over the past decade, Americans watched in bafflement and rage as one institution after another – from Wall Street to Congress, the Catholic Church to corporate America, even Major League Baseball – imploded under the weight of corruption and incompetence. In the wake of the Fail Decade, Americans have historically low levels of trust in their institutions; the social contract between ordinary citizens and elites lies in tatters.
How did we get here? With "Twilight of the Elites," Christopher Hayes offers a radically novel answer. Since the 1960s, as the meritocracy elevated a more diverse group of men and women into power, they learned to embrace the accelerating inequality that had placed them near the very top. Their ascension heightened social distance and spawned a new American elite--one more prone to failure and corruption than any that came before it.
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ok this is just a kind of ground level assesment but if want to really know somthing about what people are thinking and proof consumer confidence is up look at what they are spending thier money on. Look at Apple and the new iPhone. Now I don't know about everyone else in the country but from where I stand those things ain't cheep and one of those would buy a whole lot of Mac& Cheese
I think its misleading to say the economy is rebounding. Indicators such as factory orders, this past week, are down. And, the number of jobs are NOT up. They are down as long as one counts the U6 rate. Conservative estimates are that 8mil jobs have to be regained to just break even. And jobs are not being created at that rate. They are still losing ground - not breaking even. Additionally, the jobs that are created are service jobs - while the jobs that are being lost are public sector higher paying jobs. Manufacturing is not regaining market share. Nor are unions in regurgence that have higher paying jobs.
Chris, i think we need no other proof then the Feds' 'move' last week to lower rates and to, essentially, say, they will purchase all the debt of the country. They will do anything at this point - to keep the countrys economy from deep 6'ing. Without their backstop - which was a stunning admission that the economy is deeply in trouble - the stock market may very well have cratered. That is a good deal of the peoples wealth. And they may have given the election to Obama.
I certainly think that Obama would be measurably better then the Romney ticket but, to me, that doesn't mean much as I am going to vote 3rd party again - because - the most important problem we have - the DEBT - is not being embraced by either party. ........ love your show by the way.