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My crap -- not your crap. It might be political, social, or personal. If you don't like it, leave. Comment if you want. I might reply or I might not, but I do read them.
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Agreed. Unless something can be done to reverse this trend the middle class will continue to disappear. The wealthy leeches have been stealing money that should have gone to the workers. I suggest more worker-owned corporations. Cut the Takers at the top out of the equation.
ReplyDeleteThe top 1% of the top 1% will always make out like bandits. But by limiting the income of the working people, the very people who create the demand for products and services, they are limiting the available profits. For now, that limit is being compensated for by consolidation. As big corporations buy up smaller corporations, the number of people at the top are diminished so the available profits are distributed to fewer and fewer people. It is a very short sighted view. But then, that is the way thing are now, and that is why corporations concentrate on the next quarter's profits, not profits in five years.
ReplyDeleteThis laserlike focus on the next quarter's profits is exactly what's been strangling the country. Any sort of long range planning, whether 6 months or five years from now, is practically non-existent.
ReplyDeletesorry I missed this- I've been so busy at work. I wanted to comment that what this chart shows is not important merely because of fairness. An exactly similar thing occurred during the Republican administrations of the 1920's. The result was a concentration of vast amounts of money in the hands of the rich, for which there were no constructive investments. This artificially drove prices up, causing bubbles that resulted in the real estate collapse of 1927 and the 1929 stock market collapse. Starting with Reagan's deregulatory mania, they recreated the exact same circumstances,with the same result.
ReplyDeleteThere is no answer to this problem today except a vast confiscation of a large part of the wealth possessed by the very rich. Until their wealth is reduced to a reasonable level, they will continue to damage the economy over and over again.
sorry I missed this- I've been so busy at work. I wanted to comment that what this chart shows is not important merely because of fairness. An exactly similar thing occurred during the Republican administrations of the 1920's. The result was a concentration of vast amounts of money in the hands of the rich, for which there were no constructive investments. This artificially drove prices up, causing bubbles that resulted in the real estate collapse of 1927 and the 1929 stock market collapse. Starting with Reagan's deregulatory mania, they recreated the exact same circumstances,with the same result.
ReplyDeleteThere is no answer to this problem today except a vast confiscation of a large part of the wealth possessed by the very rich. Until their wealth is reduced to a reasonable level, they will continue to damage the economy over and over again.
Credit cards have kind of a bad rep in certain circles these days. It seems you're always hearing from one person or another all about how evil they are - how they do nothing but drive people into debt and give them more to worry about while the credit card company makes a bundle off of interest, late fees, and surcharges. However, for smart spenders who are responsible with credit, nothing could be further from the truth.
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That picture illustrates what happens in a globalized world. There is more and more competition from low labour-cost countries. This puts downwards pressure on salaries, while requiring greater productivity. The good ole days where middle managers could sit around all day hitting on secretaries and then take home a decent wage are long gone. The EU, contrary to what you may have been told doesn't help - it's all part of the plan by corporations to drive down costs. There's nothing like an abundant supply of slave labour from Eastern Europe to help drive down costs - no wonder they want to stay in the EU! You may ask why the Unions haven't been over this like a bad rash - it's a good question. No, in this environment there are two ways you can go 1) very highly skilled/high value add 2) start your own company. I went route 1 and it's working very well. My brother was a carpenter who couldn't get work once the Poles started coming in undercutting everyone on the sites. He started his own property development company, employing most Eastern European workers and is now a multi-millionaire. If you are someone who's a "bottom feeder" in this environment then God help you once the Romanians and Bulgarians start coming in - you'll be outworked and undercut by them! Raising the minimum wage won't help - it just destroys jobs. I don't like any of this but it's the way it is now.
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