[C38] Who Does our Economy Serve?

[Larry Malmberg]

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From: listserve-bounces at catalina38.org
[mailto:listserve-bounces at catalina38.org] On Behalf Of Bill Haynes
Sent: Sunday, August 08, 2010 6:41 AM
To: Catalina 38 Listserve
Subject: Re: [C38] Who Does our Economy Serve?


Paul, Thom has stated the plight of the middleclass in this country so much
better than I could.  Sure, you know some middleclass folks who are doing
pretty well.  I do also.  However, taken as a whole, the middleclass is not
doing so well.  Read this and then let me know what you would do about it.
 
Bill
 
 
Thom's blog
Who Does our Economy Serve?
Ed Luce with The Financial Times' has documented the "crisis of middle-class
America." He notes the "median wage stagnation" that has hit most American
families, and writes, "the annual incomes of the bottom 90 per cent of US
families have been essentially flat since 1973....That means most Americans
have been treading water for more than a generation." At the same time, the
Financial Times notes, America's CEOs have seen their compensation go up
over a hundredfold. The result is a level of inequality not seen in this
country since 1929, and the conversion of the middle class of 1940 to 1980,
into the terrified working poor of the post Reaganomics era, the vast
majority of whom live paycheck to paycheck, with no significant savings, and
only a job loss and a few weeks from being homeless and on the streets.
 
The new GDP report shows our economic growth slowed to a 2.4 percent rate in
the second quarter, too slow to put Americans back to work. Much more
worrisome are details in this report pointing to a continued slowdown this
year. According to a recent survey by the Employee Benefit Research
Institute, workers are cashing in their retirement plans just to stay
afloat. Their grim statistics show the percentage of American workers who
have less than $10,000 in savings grew to 43 percent in 2010. Almost 25% of
all workers have postponed their planned retirement in the past year. A
CareerBuilder.com survey reports that 61 percent of workers are now living
paycheck to paycheck, as compared to 43 percent in 2007. Meanwhile, Bankers
at the big Wall Street banks wrapped up their best month in a year. This
begs a question. Economic activity happens in America because government
authorizes corporations and gives substantial benefits and limitations of
liability to those few individuals who own most of corporate America. Thus
the question: Is this economy our Government has created here to serve the
wealthy people who own it, or did we bring it into being and do we support
and maintain it so it can benefit average working people, and thus
Democracy?
 
-Thom
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