All that lovely wealth isn’t trickling down. The country’s median income hit a high of $56,080 in 1999, went into slow decline, dropped to $53,644 after the 2008 economic meltdown — and five years later, was lower still, at $52,100. Raises remain tiny. Many newly created jobs pay a pittance. For tens of millions of people, the economic recovery is an illusion.
The voters are right: Wage stagnation — and the resulting erosion of the middle class — is this country’s biggest problem. When hard work no longer produces upward mobility for workers who lack elite skills, America’s implicit promise is broken. At National Review, conservative Maggie Gallagher complains that “for more than a decade Americans have been losing ground financially, and the GOP has yet to address the issue.” In The Washington Post, liberal Harold Meyerson grouses that “the Democrats have had precious little to say about how to re-create…widely shared prosperity.” Perhaps that’s because the standard liberal and conservative nostrums (Tax the rich! Eliminate regulations!) won’t address the fundamental problem: Globalization and technology have devalued both labor and workers, and made companies more ruthlessly competitive. Here’s a scary thought: Neither party is offering a remedy because there isn’t one.
SOURCE: America’s broken promise – The Week.
The two hundred words above from my friends over at the Week seem to cut to the bone as the primary reason so many people are upset about how this country is proceeding. The guy/gal who gets up every morning and puts in an eight to ten hour day working for someone else is falling further and further behind. So many people have seen their paychecks and any benefits they might have had go down for the last fifteen years while all those “rich cats” continue to rake in vulgar profits on their unearned income. There seems to be a fundamental breakdown in our society.
As the article states this is a problem that can’t seem to be addressed by the old methods even if the GOP allowed them to happen. Democrats can’t throw enough money at this problem to make it go away and the Republican’s trickle down obviously after fifteen years is not got to happen. I will admit that globalization has a lot to do with this dilemma. So much of the rest of the world is in much worse shape economically than we are. It will be years, probably generations, before that is balanced. The old solutions just don’t work anymore.
New approaches to strengthening the large middle segment of wage earners is drastically needed. The problem is neither party in Washington seems capable of any degree of new thought. They are too busy blaming each other to find new pathways to overall prosperity. Somethings got to give sooner or later.
For all the problems that the middle have those on the margins of our society have it worse. The unemployment rate for them is astronomical. The safety net continues to erode so little or no help is seen on the horizon. Somethings got to give and I am afraid that when it does it will have some serious consequences for all of us.