Wednesday, April 11, 2007
Monopoly in Action
Today's syndicated column by Harold Meyerson lays out some stark figures describing how 90% of Americans are losing ground economically, while the top 10% are doing just fine, thank you. For instance: total reported income increased by 9 percent from 2004 to 2005 but all of that increase went to the wealthiest 10 percent of Americans. The wealthiest 1 percent had an increase of 14 percent in their income. This contrasts sharply with the period from 1947 through 1973, when family income rose 104 percent, exactly the rate of growth in productivity. The corporate and conservative assault on labor unions and export of jobs overseas has brought this about, in large part. And, as Meyerson points out, they offer no remedy except for more of the same: privatize Social Security, keep 47 million Americans out of access to health insurance, and bust organized labor.