Negative economic growth
Dear Editor
I don´t know if we let TV commercials talk us into spending frivolously and excessively or many of us are just spendthrifts but whatever the cause much of the time for far to many there is not enough left over at the end of the month to cover a $1,000 emergency. Many even have a negative net worth. What happened?
We have economically become like Old England when the King and his court had all the money and everybody else were serfs with no net worth. The Great Depression of the 1930ś was the most outstanding example of this syndrome. Look around, especially in the big cities. It is impossible to avoid areas of distressed campers. For many, the bottom fell right out of the middle class.
Not the top 1%. Why? I submit to you that it is an invisible, indescribable Depression. That´s the term given by economists to at least a year of economic contraction. Looked at simplistically that would seem incorrect. The whole picture reveals the truth. The top end of the economic ladder has taken nearly all of that economic growth and has been doing that for years. The other end of the economic ladder gets squat, zip, zilch, nada! For the last 30 years the workers have taken home none of the economic growth. Somehow, the super rich have taken home more than 100% of the economic growth which leaves the workers with a NEGATIVE economic growth! Negative Economic Growth has another name: ¨Depression.!¨
The Great Depression of the 30´s was marked by massive unemployment, soup kitchens, WPA and other alphabet programs whereas in this Depression we see drug epidemics, increased military enlistments, families abandoned, but most depressing is the resurgence of authoritarianism and even Nazi Party Organizing. No National Politician seems to have noticed! They are among the beneficiaries who have taken home a substantial portion of the economic growth not seen by the workers as well as some direct graft provided by Corporations for services rendered.
The economy is growing, so whatś the beef? The one percenters and politicians are making sure that they are getting more than their fair share of a ¨growing¨ economy. That leaves less than a fair share (perhaps a negative share of the economy) for everybody else. In some other countries this formula has resulted in revolution.
Perhaps we will be lucky enough to have only the grumbling of the newly poor!
Jerry Baird