...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 benefitted. 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.
...I doubt you’ll be surprised to learn that this “degenerate and unlovely age” – as one historian described it – served to inspire Karl Rove, the man said to be George W. Bush’s brain and now a mover and shaker of the money tree for the corporate-conservative complex (more on that later.) The extraordinary coupling of private and political power toward the close of the 19th century – the First Gilded Age – captured Rove’s interest, especially the role of Mark Hanna, the Ohio operative who became the first modern political fund-raiser.
...Senator Daniel Patrick Moynihan also tried to warn us. He said President Reagan’s real strategy was to force the government to cut domestic social programs by fostering federal deficits of historic dimensions.
November 11, 2010
Bill Moyers: "Welcome to the Plutocracy!"
There have been few journalists since Walter Cronkite that have had the credibility and moral high ground he enjoyed. There is one journalist that does, though he's been religated to PBS and has now twice retired. Bill Moyers is a man who everyone needs to hear. Excerpts of his speech at Boston University follow, and then the complete video.
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