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View Diary: Bill Black: “Wall Street Uses the Third Way to Lead its Assault on Social Security” (83 comments)

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  •  the loooooongg recession...... (16+ / 0-)

    What makes more sense in this economy, with  the highest poverty level in decades and the greatest income inequality since 1929, of course, to start cutting the safety nets..........

    Between 1971 and 2007, real hourly wages in the U.S. rose by only 4%.  (That’s not 4% a year, but 4% over 36 years!)  During those same decades, productivity essentially doubled, increasing by 99%.  In other words, the average worker’s productivity rose 25 times more than his or her pay.

    This was, of course, a bonanza for corporations and for the richest Americans.  In 1976, the top 1% of U.S. families held 19% of the country’s wealth.  By 2000, they held 40% of it.  In those same years, 58% of every dollar of income growth went to the top 1%.

    There was, however, one small problem: we Americans sell to one another more than 70% of what we produce.  If the majority of American workers were producing more without earning more, who was going to buy all the stuff?

    CEOs and financiers were desperate to answer that question.......

    "Who are these men who really run this land? And why do they run it with such a thoughtless hand?" David Crosby

    by allenjo on Tue Apr 09, 2013 at 07:46:19 AM PDT

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