I do so wish we still had Democrats who bring the righteous thunder instead of sounding like mealy-mouth technocrats (although “Satan-sandwich” was kinda funny). Sadly, you’re stuck with me instead.
Anyway, by way of Bill Mitchell, we come across a report (pdf) that has the rather dry title of “The “Jobless and Wageless” Recovery from the Great Recession of 2007-2009: The Magnitude and Sources of Economic Growth Through 2011 I and Their Impacts on Workers, Profits, and Stock Values.” But I assure you it tells a story that will raise your blood pressure. While there are a couple ‘abused graphs’ in the report, this one lays out clearly what has happened during the last two years:
In a nutshell (and how much economic analysis fits in a nutshell, by the way?), between 2009-2011, corporate profits, in real dollars, increased forty percent. And wages? Not so much: essentially zero wage growth and zero change in employment.
So you see, we’re doing great! I guess this is that whole ‘shared sacrifice’ thing everybody talks about: the wealthy sacrifice you, and then share bits of you with their friends.
Seriously, you would think people would be angry about this, and lash out at the appropriate parties, not the needy. Unfortunately, too many believe they will find favor, that they are among the righteous if they kiss the whip hand.
This discrepancy is why so many people’s lives are less than what they hoped for, why they are so angry. Cutting Social Security, Medicare, not to mention discretionary spending won’t fix this. Empowering workers will, and a good way to do that is to tighten labor markets by putting people to work.