Wages for working people, not the wealth of the rich, corporate income, or banking profits are what both drive and sustain an economy. As long as those wages remain stagnant or falling, there will not be sufficient demand to keep an economy from collapsing under the weight of its own high-end gamblers and the growing debt of its young and working-class people just trying to get by. History—and the examples of Germany and Scandinavia—shows us that high levels of unionization, trade and taxation policies that favor the working class over the rich, coupled with heavy regulation of the banking and speculative industries, will build a strong and healthy working- and middle-class, and thus a strong and healthy economy. Instead, the United States and much of the EU still cling to Thatcherism and Reaganomics, and the result is the continuing, overall, decline of both economies. Even the present mini-boom, merely for the better-off, in Britain is but a transitory, confidence, borrowing and savings-spending illusion - as we shall discover in the relatively near future. Until the corporate elite and our billionaire class are under control, and our working class can once again enter the middle class, we stand at the precipice of a great crash. Without vigorous governmental action to radically reduce student and working-family debt, increase wages, and suppress speculation, that crash comes closer to us every day.
Posted on: Thu, 03 Jul 2014 21:13:18 +0000
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