Labor unions and their political allies. Workers in America don’t get higher wages and more opportunity because Washington tilts the legal system in favor of labor unions. Workers see their conditions improve when lots of employers are competing to hire them. But the slow pace of economic growth, the sharp decline in new business formations—these factors won’t be corrected by what the New York Times misleadingly calls President Obama’s “championing of worker rights,” which have nothing to do with workers and everything to do with the privileges of the labor organizations that are key funders of the Democratic Party’s electoral ambitions.
Central bankers. Ben Bernanke (weakly), Mario Draghi (weakly), Janet Yellen (weakly to the point of inaudibleness) have all said monetary policy can’t be the sole fix for the Western world’s slow-growth malaise. Yet their words are unheeded so they settle for being enablers of their fellow elites’ flight from responsibility. Monetary policy has become our era’s great crutch so leaders everywhere can go on catering to the same old organized interests instead of undertaking necessary reforms.
Politicians. It is impossible to think what Hillary Clinton stands for in politics, unless you’re satisfied with the answer “women.” She and the Clinton Foundation collect millions from fat cats while she claims to be the scourge of fat cats and friend to the little guy. Who in politics does not claim to be friend to the little guy? Mrs. Clinton is monotonously carrying forward a family business model built on global political celebrity, and on leveraging political celebrity in return for dollars, as the Clinton family foundation exists to do.