Bill Moyers: Welcome to the Plutocracy

[Thor]

Its 2hrs long, but I think many of you will enjoy his speech at Boston U at the first annual Howard Zinn lecture series.

Everytime I'm reminded about the sheer power/will of the wealthy to benefit themselves at the expense of the middle class I get angry.

http://www.bu.edu/buniverse/view/?v=20ZaW9PO

Also the article if you don't want to watch the video:

http://www.truth-out.org/bill-moyers...hts-dirty64766

In polite circles, among our political and financial classes, this is known as “the free market at work.” No, it’s “wage repression,” and it’s been happening in our country since around 1980. I must invoke some statistics here, knowing that statistics can glaze the eyes; but if indeed it’s the mark of a truly educated person to be deeply moved by statistics, as I once read, surely this truly educated audience will be moved by the recent analysis of tax data by the economists Thomas Piketty and Emmanuel Saez.

They found that from 1950 through 1980, the share of all income in America going to everyone but the rich increased from 64 percent to 65 percent. Because the nation’s economy was growing handsomely, the average income for 9 out of l0 Americans was growing, too – from $17,719 to $30,941. That’s a 75 percent increase in income in constant 2008 dollars.

But then it stopped. Since 1980 the economy has also continued to grow handsomely, but only a fraction at the top have benefited. The line flattens for the bottom 90% of Americans. Average income went from that $30,941 in 1980 to $31,244 in 2008. Think about that: the average income of Americans increased just $303 dollars in 28 years.

That’s wage repression.

[Flame Of Liberty]

Are you sure he didn't mean to say Welcome to the Ochlocracy?

[Red Slinger]

So much for trickle-down economics.

[La Flames Fan]

[Cowperson]

Originally Posted by Thor

But then it stopped. Since 1980 the economy has also continued to grow handsomely, but only a fraction at the top have benefited. The line flattens for the bottom 90% of Americans. Average income went from that $30,941 in 1980 to $31,244 in 2008. Think about that: the average income of Americans increased just $303 dollars in 28 years.

That’s wage repression.

For being repressed, they sure buy a lot of cell-phones. Just saying.

The American economy is continually being forced into greater efficiencies due to global competition and America's share of total global income is diminishing as that income is redistributed more widely around the globe . . . . and efficiencies can fall on workers who compete with workers outside of North America.

I saw one estimate that globalization created the spending habits of 600 million new Americans in the 2000's.

http://www.thenational.ae/business/e...-manufacturing

In talking about wage repression, you might be neglecting to mention wage inflation taking place outside of North America and Europe, lifting hundreds of millions if not billions out of poverty.

Cowperson