Unjust spoils

The Nation
by Robert Reich

06/30/10

Consider: in 1928 the richest 1 percent of Americans received 23.9 percent of the nation’s total income. After that, the share going to the richest 1 percent steadily declined. New Deal reforms, followed by World War II, the GI Bill and the Great Society expanded the circle of prosperity. By the late 1970s the top 1 percent raked in only 8 to 9 percent of America’s total annual income. But after that, inequality began to widen again, and income reconcentrated at the top. By 2007 the richest 1 percent were back to where they were in 1928 — with 23.5 percent of the total. Each of America’s two biggest economic crashes occurred in the year immediately following these twin peaks — in 1929 and 2008. This is no mere coincidence. When most of the gains from economic growth go to a small sliver of Americans at the top, the rest don’t have enough purchasing power to buy what the economy is capable of producing...

http://www.thenation.com/article/36893/unjust-spoils



The war for financial independence: Calls to surrender

Our Future Blog
by Richard (RJ) Eskow

07/05/10

There’s a new conventional wisdom forming in Washington, DC this July 4th, one that transcends party lines and the usual classifications of “left” and “right” as they’re understood in that city. It’s only being recognized now, because it deals with a number of different economic issues, but the underlying theme is the same: The American dream of financial independence and security is gone. The sooner you accept that and raise the white flag the easier it will be, so stop struggling. They’re saying the ideal of ‘”life, liberty, and the pursuit of happiness’ is dead. Deal with it. Why, there hasn’t been this much unanimity among Washington elites since — well, since they ‘knew’ there were weapons of mass destruction in Iraq...

http://tinyurl.com/2a7ceuh


Informant: Thomas L. Knapp

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Labor Losing to DC Elites Over Job Creation, Unemployment?
http://www.commondreams.org/headline/2010/07/08-4



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