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Capitalism Uber Alles: How the American Working Class Got Brainwashed

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  • Former Secretary of Labor Robert Reich argues that the economic downward mobility of American workers, has "to do with power...income and wealth in fewer hands." Apparently, many working class Americans want to keep it that way.
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  • Fairer Deal
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  • Washington at Work--for the Wealthy
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  • New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy
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Myriam Miedzian, MyriamMiedzian.com/Huffington Post

If you like reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button in the above right-hand corner—so we can bring you more just like it.

In his recent book, After Shock, former Secretary of Labor Robert Reich argues that the economic downward mobility of American workers, has "to do with power...income and wealth in fewer hands." Apparently, many working class Americans want to keep it that way. A recent SEIU poll reveals that, 38 percent of American voters are opposed to rescinding Bush's tax cuts for the 2 percent who earn $250,000 or more annually. 2 or 3 percent of taxpayers probably earn close enough to $250,000, to think they might be affected someday. This leaves about 33 percent voting against their self-interest -- higher taxes on the wealthiest would reduce the national debt, facilitate spending on levies, bridges, schools, healthc are, and create jobs. Similarly, an AP-GfK poll found that in the upcoming election, 58 percent of white working class Americans favor Republicans who opposed rescinding the Bush tax cut, and fought every Democratic bill benefiting low income earners including extending unemployment benefits.

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On the other hand, a 2005 study by Dan Ariely of Duke and Michael Norton of Harvard, reveals that when presented with unlabeled pie charts representing wealth distribution in the U.S where the richest 20 percent control about 84 percent of wealth and Sweden where the top 20 percent control 36 percent, 92 percent of respondents -- who reflected U.S. ideological, economic, and gender demographics -- stated they would rather live in a country with Sweden's wealth distribution.

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Related:

Fairer Deal, Sebastian Mallaby, New York Times | NY

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Washington at Work--for the Wealthy, Sam Pizzigati, Other Words

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  • "We cannot avoid the sad irony," as one new report has just concluded, "that government policy aimed at building wealth is largely helping the rich get richer."
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  • Uncle Sam is concentrating America's wealth, not sharing it.
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  • Think Again: Inequality and America’s Antiquated Politics
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  • Americans Vastly Underestimate Wealth Inequality, Support 'More Equal Distribution Of Wealth'
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New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy, Huffington Post

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  • Those Americans earning more than $50 million increased their income from an average of $91.2 million in 2008 to almost $519 million. That's nearly $10 million in weekly pay!These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers."
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  • September Jobs Report Reveals America’s Emerging Third World Economy
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September Jobs Report Reveals America’s Emerging Third World Economy

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  • September Jobs: American Worker Displacement At Record High
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  • New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy
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Paul Craig Roberts, Information Clearing House

If you like reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button in the above right-hand corner—so we can bring you more just like it.

For a number of years I reported on the monthly nonfarm payroll jobs data. The data did not support the praises economists were singing to the "New Economy." The "New Economy" consisted, allegedly, of financial services, innovation, and high-tech services.

This economy was taking the place of the old "dirty fingernail" economy of industry and manufacturing. Education would retrain the workforce, and we would move on to a higher level of prosperity.

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Related:

September Jobs: American Worker Displacement At Record High, Edwin S. Rubenstein, VDare.com

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  • The economy lost 95,000 more jobs in September, as state and local governments downsized at a faster rate than the private sector expanded.
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  • The drop was much larger than the 8,000 decline expected by economists and far outstripped the 57,000 lost in August.
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New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy, Huffington Post
Those Americans earning more than $50 million increased their income from an average of $91.2 million in 2008 to almost $519 million. That's nearly $10 million in weekly pay!These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers."

Section(s): 

New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy

    \r\n
  • Those Americans earning more than $50 million increased their income from an average of $91.2 million in 2008 to almost $519 million. That's nearly $10 million in weekly pay!These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers."
  • \r\n

  • September Jobs Report Reveals America’s Emerging Third World Economy
  • \r\n

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Huffington Post

If you like reading this article, consider contributing a cuppa jove to Evergreene Digest--using the donation button in the above right-hand corner—so we can bring you more just like it.

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Mike Thompson

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One out of every 34 Americans who earned wages in 2008 earned absolutely nothing -- not one cent -- in 2009.

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The stunning figure was released earlier this month (Oct) by the Social Security Administration, but apparently went unreported until it appeared today on Tax.com in a column by Pulitzer Prize-winning tax reporter David Cay Johnston.

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It's not just every 34th earner whose financial situation has been upended by the financial crisis. Average wages, median wages, and total wages have all declined -- except at the very top, where they leaped dramatically, increasing five-fold.

More...

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Related:

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September Jobs Report Reveals America’s Emerging Third World Economy, Paul Craig Roberts, Information Clearing House

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  • September Jobs: American Worker Displacement At Record High
  • \r\n

  • New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy
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