Working people aren’t sharing in the weakest and bleakest economic recovery since the alleged recovery under George W. Bush. That was a dismal recovery. So why have the last two boom periods been so dismal?
The weakness is because of the massive redistribution of income and wealth from working people to the 1 percent which has been undertaken by Republicans and Democrats in the halls of congress during the last thirty years. Now the demand for goods and services is far less than it should be. When 99 percent of the population earn 93 percent of the total national income, like 30 years ago, demand is much greater than when that percent is down to 75 percent, which it is now. Job growth and wage growth are weaker because of this redistribution, which is an ongoing process in the halls of congress and the Koch Brothers wing of the Supreme Court.
That means the boom periods are going to be more and more shallow by historical standards in every measurement compared to previous boom periods. The current boom period will be worse in every way than the horrible boom period under George W. Bush. Time Magazine called that “the lost decade.” And it was. But if you think the Bush decade was bad, the current boom period will be worse, or at the very least, as bad. The boom period after our current anemic so-called recovery will be more shallow in every way. Do you see a pattern here? That’s the reality because more and more income is constantly being redistributed from the 99 percent to the 1 percent by our, or rather the 1 percent’s, government. And, yes, President Obama is part of the problem, not the solution.
Over the next decade, the rich may have 30 percent of the total national income, meaning we’ll have less. The demand for goods is dropping in the long haul, the economy moving downward in a slowly unfolding Great Depression.