Millennials today hold only 4.6% of the nation’s wealth and, along with Zoomers, struggle to own a home & are deeply in debt. What happened? In a word, Republicans…
As was Tom's father my dad and all of my friends' dads had good paying union jobs with job security. West Virginia has a long and fascinating history of the fight to unionize in the coal fields with Mother Jones in the forefront. The republicans, in 2014, after 80 years of trying, got control of the state. Their first priority was to pass the so-called "Workplace Freedom Act". I thought they were shotting themselves in the foot. but, alas, it did not matter. We have now West Trumpastan.
It's bigger than the GOP. Corporatist, globalist, neoliberal Democrats also brought us where we are now.
I recall economist Richard Wolff speaking on your program a couple years ago. From his comments I think both parties (Yes, GOP more so!) got us where we are today.
Wolff said the US capitalist success story from around 1800 to the 1970s ended for 3 reasons:
1. Globalization - Corporations exporting jobs because US wages had gone up, so businesses decided to move production to low wage countries
2. Automation - Enormous growth of automation and computerization
3. Immigration - Increase in immigrants (illegal and legal with US immigration law changing in 1965)
who were willing to work for cheaper wages
Results -- jobs disappeared, wages stopped rising. Next 50 years, 1970-2020, has been a time when workers have been more productive, but real wages remained close to what they had been in the 1970s
The idea, and a big part of the "American Dream," rising wages and a rising standard of living has slipped away over the decades. Americans are reeling from this huge departure from their expectations. More families need two paychecks. Buying on credit and going into
going into debt is commonplace. Americans: working harder, borrowing more , and then the Great Recession in 2008. We have to stop blaming a certain person or party. It's the unchecked quest for profit that drives much of what happens.
Thom, your messages need to be understood by a wider audience. I suggest that you team up with Michael Moore or Ken Burns to do a few documentaries that could help spread the word.
Great review of those terrible actions that have destroyed the country, Thom. Really horrific to read as you paint the full picture of the road behind us from the 80’s on.
Current confusion:
I’ve thought new younger business people out there have been making bottles smaller and charging more, a related formula for nearly every product.
Not them? Also, is it those employed in tech or what who are all now driving some Mercedes, BMW, Lexus, or Tesla model, when those used to be for the rich?
May we all also take the lead with turning the road around, as the challenges are still so formidable.
Yes, I am a boomer, and as a result am in a decent financial situation. Why? I had good union job in television production in Los Angeles. My children may never one a home. They have rental apartments, and the price of homes today (rental or purchase) means they may never have one. We must flip the tide! It is looking like a tidal wave. But, I hang on to a bit of hope based on what I see changing amongst the young. Wishing very much that the future is better for my three grandchildren.
As was Tom's father my dad and all of my friends' dads had good paying union jobs with job security. West Virginia has a long and fascinating history of the fight to unionize in the coal fields with Mother Jones in the forefront. The republicans, in 2014, after 80 years of trying, got control of the state. Their first priority was to pass the so-called "Workplace Freedom Act". I thought they were shotting themselves in the foot. but, alas, it did not matter. We have now West Trumpastan.
It's bigger than the GOP. Corporatist, globalist, neoliberal Democrats also brought us where we are now.
I recall economist Richard Wolff speaking on your program a couple years ago. From his comments I think both parties (Yes, GOP more so!) got us where we are today.
Wolff said the US capitalist success story from around 1800 to the 1970s ended for 3 reasons:
1. Globalization - Corporations exporting jobs because US wages had gone up, so businesses decided to move production to low wage countries
2. Automation - Enormous growth of automation and computerization
3. Immigration - Increase in immigrants (illegal and legal with US immigration law changing in 1965)
who were willing to work for cheaper wages
Results -- jobs disappeared, wages stopped rising. Next 50 years, 1970-2020, has been a time when workers have been more productive, but real wages remained close to what they had been in the 1970s
The idea, and a big part of the "American Dream," rising wages and a rising standard of living has slipped away over the decades. Americans are reeling from this huge departure from their expectations. More families need two paychecks. Buying on credit and going into
going into debt is commonplace. Americans: working harder, borrowing more , and then the Great Recession in 2008. We have to stop blaming a certain person or party. It's the unchecked quest for profit that drives much of what happens.
Thom, your messages need to be understood by a wider audience. I suggest that you team up with Michael Moore or Ken Burns to do a few documentaries that could help spread the word.
Vern Weber
Great review of those terrible actions that have destroyed the country, Thom. Really horrific to read as you paint the full picture of the road behind us from the 80’s on.
Current confusion:
I’ve thought new younger business people out there have been making bottles smaller and charging more, a related formula for nearly every product.
Not them? Also, is it those employed in tech or what who are all now driving some Mercedes, BMW, Lexus, or Tesla model, when those used to be for the rich?
May we all also take the lead with turning the road around, as the challenges are still so formidable.
Yes, I am a boomer, and as a result am in a decent financial situation. Why? I had good union job in television production in Los Angeles. My children may never one a home. They have rental apartments, and the price of homes today (rental or purchase) means they may never have one. We must flip the tide! It is looking like a tidal wave. But, I hang on to a bit of hope based on what I see changing amongst the young. Wishing very much that the future is better for my three grandchildren.