“….the more ominous fact that average household income hasn’t budged for the past 10 years. That’s true in every income quintile of the population, even the top. And for the bottom 60%, that stagnation has lasted twice as long. Most of the country has just been treading water over a period that spans expansions and recessions, bull and bear markets, and Republicans and Democrats in charge.”
But oh no, we better not blame business or the rich – it isn’t their fault: “It isn’t a few evil people or any one sector. It isn’t the rich; the gains of the top 1% needn’t cause declines at the bottom. Our society isn’t behaving villainously at all. It just isn’t adapting to a changing world. Don’t despair; we can return to a rising standard of living. We’ve done it before. But we’ll never do it as long as we refuse to face the real reasons that so many Americans are in economic trouble.”
Yep, its not the rich or corporations that have held us down, but instead the “real reasons” are foreign labor competition, unwed mothers, and our school system: “The advent of a large-scale global labor market means that millions of Americans are competing for jobs with Chinese, Indian, and other workers, pushing our high pay down. Social trends have led to more single-parent and typically lower-income households. Perhaps most important, America no longer boasts a world-beating education system that turns out masses of graduates who can support an ever-rising living standard.”
Silly me, I thought it was corporate greed that sought cheaper labor elsewhere in the world that was bringing our wages down. I thought it was corporate control over government that ensured no regulatory oversight in the good times and bailouts during the bad. I thought it was an absolute lack of concern for tomorrow that got us into this mess.