ECONOMICS - LOOKING GLASS NEWS | |
It's class warfare in the U.S |
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by Eli Stephens left i on the news Entered into the database on Monday, August 28th, 2006 @ 14:48:53 MST |
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....and guess who's winning You only get one answer, and I doubt it will be a guess: Wages and salaries now make up the lowest share of the nation’s gross
domestic product since the government began recording the data in 1947, while
corporate profits have climbed to their highest share since the 1960’s.
UBS, the investment bank, recently described the current period as “the
golden era of profitability.” This being an article from the corporate press (the New York Times in this instance, but it hardly matters), the view of the economy is entirely from the boardroom. Here's the lead sentence of the article, for example:
But from the point of view of workers, the economy isn't "beginning to slow," nor is there any "expansion" at all, as the article makes quite clear. "Economic growth"? Whose economic growth? And of course the concern isn't about the people involved, but about what it might do for the political fortunes of the Republicans:
You have to read that again and rub your eyes to believe what you read. The "fears" aren't that vulnerable workers are suffering, but that "vulnerable" incumbents might "suffer" (the slings and arrows of defeat, and having to go gently into the good night of a corporate sinecure). Ugh. __________________________ Read from Looking Glass News Labor Department Undercounts Poor, Uninsured, and the Non-Employed 'US recession will be nasty and deep' Housing bubble threatening to burst Is Cheney betting on Economic Collapse? Neocon Plan to Wreck the Economy Collapse of U.S. Economy Imminent The GOP Fights to Keep Women in Poverty Welcome to middle-class lockdown; now shut up and buy something Is Cheney betting on Economic Collapse? The Politics of American Greed Why can’t workers own their jobs? The class war economy: Corporate America’s steals from workers and the poor Eat, Sleep, Work, Consume, Die The Rich Die Differently From You and Me America's Middle Class: In the Tank! The Freefalling Dollar and Bush’s war on the Middle Class The Swansong for the Greenback Life in the Bush Economy: Fat, Drunk and Broke The Invisible M3 and Plumping Up the Economy
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