From ROBERT REICH:
Repeat after me: Workers are consumers. Consumers are workers…
It’s not just the jobless who can’t spend. It’s mainly people with jobs. Median wages continue to fall. Weekly wages in July for Americans with jobs were 1.3 percent lower than eight months before.
America’s median earners are now earning less (adjusted for inflation) than they earned ten years ago…
Click here to read the full article.
EDITOR: It may be inevitable in a post industrial economy that the broad middle class will not fare as well as the top two or three percent in terms of increases in real income. The solution to this isn’t a reduction of taxes from the already record lows for the past 75 years. Rather, those who benefit most from our social democracy must carry a larger load in order to preserve the gains to all of society of the past.
