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Unions were a crucial part of this process, too. By fighting for higher wages and better benefits, unions ensure that working people have the means to purchase consumer items, housing, and other goods and services. Companies have to hire more people to keep up with demand – and the good jobs keep coming.
That's why the Republican Party platform of 1956 boasted that “unions have grown in strength and responsibility, and have increased their membership by 2 millions” during Dwight D. Eisenhower's first term. Back then Republicans understood that a growing middle class was good for the entire economy. That party platform also said that “America does not prosper unless all Americans prosper.” Their rule: No shirkers.
But then in those days our economy wasn't dominated by Wall Street megabanks – institutions that don't build or sell anything. And politicians weren't completely in bankers' pockets back then, because the public wouldn't have tolerated it.
We shouldn't tolerate it now.