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Saturday, March 31, 2018

Mimicking patterns, this is Trump's way

Por sumily

In the opinion of professor emeritus of economics at the prestigious Massachusetts Institute of Technology (MIT), Peter Temin, once you enter the type of situation that is going through the United States, it is very difficult to leave. The experience of Latin America illustrates that. Although it took the country 50 years to get to the position it is in, it could take 50 years to get out.

The first thing is to try to choose a government that wants to get out of this, if possible. The current government is very favorable to the rich. The tax cut approved at the end of 2017 favors the richest. This has to be reversed and taxed more equitably.

The second is education, to overcome prejudices and give people skills that can take them to the upper class. In the United States, the FTE sector has a good education. But below that and particularly within our cities, public education is terrible.

According to economist Peter Temin, the phenomenon of divided societies between rich and poor, every day reaches more to the world's largest economy: the United States. Professor Emeritus of Economics at the prestigious Massachusetts Institute of Technology (MIT), Temin perfects the US comparison with a Latin American country in particular: Argentina.

Its similarity transcends the economic capacity of two great nations with natural resources, which knew how to develop middle classes, and arrives at the policy between recipes that the Argentine leader Juan Domingo Perón applied in the last century and today the president of the US plays to make them old. UU, Donald Trump.Author of the book The VanishingMiddleClass: Prejudice and Power in a Dual Economy Temin considers the US problem It goes back to the times when it was born as a country.

Trump's view of unemployment for Hispanics and African Americans is at the lowest levels in history. This happens because the economy grows and some get work. But their unemployment rates are higher than those of whites. Although economic expansion is good for everyone, because companies need more workers.

One of the problems at present is that the Trump government has allowed a lot of concentration of industries and have not applied the antitrust rules. It is a political option. Then the companies come together and, although they want more labor, they do not want to pay more salary.As a consequence, although employment increases, the pressure to raise wages does not achieve much. And although there are small changes, there is still a long way to go to increase the proportion of national income that they had 50 years ago.

According to Temin, the similarity with Argentina is that a century ago, the South American country was one of the 10 richest countries in the world. And then politics became very antagonistic between different groups of the population. The leaders of the country made bad decisions, such as the retreat inward with Perón during the expansion of the world economy after the Second World War.

What is happening in the United States is the same kind of inward retreat, ignoring what happens in the rest of the world. That seems to me the closest parallelism: a great country with adequate natural resources, which it exported very successfully. One of the things that I have not explored in detail, but that is becoming more evident, is that corruption, which has been an important point of policy in Argentina, Brazil, etc., is coming to the United States. There are governments designated by people with conflicts of interest, who receive support from the industries they are supposed to regulate.