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.
The Republicans have been so brilliant at propaganda. Just a few key words or concepts create a mass "Pavlov's Dog" effect. Demonization of "Socialism," Marxist", "Communism." Still so potent two/three generations after Khruschev. Who woulda thunk the hoary "Protocols" would still command devotees? At the same time, effectiveness at decoupling any sense of the virtue of the GI Bill, (public universities) or employers paying for health coverage. etc. etc. I had a conversation with an old guy at a bus stop who was angry that Obama was going to raise taxes. This was about the mere sunset of the Bush cuts, and the old guy probably was at an income level that his tax bill was $4.11 anyhow. But somehow talk radio or Fox had him convinced that Obama was coming for his last cent. He just snorted when I said, Obama has never said anything about any change for anybody making less than $400,000 a year. They believe gays are coming for their kids and blacks are coming to rob and kill them. They believe Joe Biden suddenly created inflation because he hates America (I guess). They don't believe Covid ever killed anybody, but if it did, Dr, Fauci manufactured it to.....? (crazy zone alert) but it was supposed to only kill Left Coasters???? I give up. (That was after Trump's "If a tree falls, but you don't count it, it didn't happen" first take: ie, don't let them off the ship.) There is no rationality or reality that can penetrate. It's a huge, huge lift now for the 60% of sane citizens to power their way up through the quicksand of vote suppression and gerrymandering. I am glad I am old, and have no posterity.
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.
Peggy - I haven't seen anything about new businesses making bottles smaller, etc., but I know for a fact that the big consumer goods companies such as P&G are doing it on a regular basis. The one pound package is now 15 or even 14 ounces and the price has gone up as well.
These consolidated industries with price-setting power are responsible for up to half or more of our current inflation. Since the beginning of the pandemic companies have been raising prices far above the increased costs of their inputs. Hence, the obscenely higher profits they have made over the past couple of years.
Those folks driving fancy cars are what some of us call the PMC (Professional Managerial Class). They are doctors, lawyers, middle management, engineers, etc. Although they aren't setting prices, they do have high incomes that allow them to play like they're wealthy.
Thanks for this, John. PMC’s I’d understand, but many young people are driving those models also; maybe in tech, creating the forever software updates, one in this morning on my iPhone, and designing all those new taillights that complicate our visual world, and earlier all the new headlights, double and even triple, that blind oncoming drivers. Then we can buy the yellow night driving glasses.
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.
The Republicans have been so brilliant at propaganda. Just a few key words or concepts create a mass "Pavlov's Dog" effect. Demonization of "Socialism," Marxist", "Communism." Still so potent two/three generations after Khruschev. Who woulda thunk the hoary "Protocols" would still command devotees? At the same time, effectiveness at decoupling any sense of the virtue of the GI Bill, (public universities) or employers paying for health coverage. etc. etc. I had a conversation with an old guy at a bus stop who was angry that Obama was going to raise taxes. This was about the mere sunset of the Bush cuts, and the old guy probably was at an income level that his tax bill was $4.11 anyhow. But somehow talk radio or Fox had him convinced that Obama was coming for his last cent. He just snorted when I said, Obama has never said anything about any change for anybody making less than $400,000 a year. They believe gays are coming for their kids and blacks are coming to rob and kill them. They believe Joe Biden suddenly created inflation because he hates America (I guess). They don't believe Covid ever killed anybody, but if it did, Dr, Fauci manufactured it to.....? (crazy zone alert) but it was supposed to only kill Left Coasters???? I give up. (That was after Trump's "If a tree falls, but you don't count it, it didn't happen" first take: ie, don't let them off the ship.) There is no rationality or reality that can penetrate. It's a huge, huge lift now for the 60% of sane citizens to power their way up through the quicksand of vote suppression and gerrymandering. I am glad I am old, and have no posterity.
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.
Peggy - I haven't seen anything about new businesses making bottles smaller, etc., but I know for a fact that the big consumer goods companies such as P&G are doing it on a regular basis. The one pound package is now 15 or even 14 ounces and the price has gone up as well.
These consolidated industries with price-setting power are responsible for up to half or more of our current inflation. Since the beginning of the pandemic companies have been raising prices far above the increased costs of their inputs. Hence, the obscenely higher profits they have made over the past couple of years.
Those folks driving fancy cars are what some of us call the PMC (Professional Managerial Class). They are doctors, lawyers, middle management, engineers, etc. Although they aren't setting prices, they do have high incomes that allow them to play like they're wealthy.
Thanks for this, John. PMC’s I’d understand, but many young people are driving those models also; maybe in tech, creating the forever software updates, one in this morning on my iPhone, and designing all those new taillights that complicate our visual world, and earlier all the new headlights, double and even triple, that blind oncoming drivers. Then we can buy the yellow night driving glasses.
Less really is more.
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.