Monday, August 6, 2012

" An historic and permanent lowering of wages"

....Obama’s rose-colored presentation of the report and his barely disguised indifference to the plight of the working class conceal a calculated policy of high unemployment that is being pursued by his administration and the Federal Reserve, in service to corporate America. The US ruling elite is carrying out an historic and permanent lowering of wages, job conditions and working class living standards.

The stagnation and outright decline in real wages is not a calamity as far as the Democratic and Republican politicians are concerned, but rather a positive good. They welcome the deteriorating living standards of working people because it has produced record profits for American corporations despite the ongoing economic slump. Indeed, US gross domestic product has returned to the level before the 2008 financial crash, but with five million fewer workers employed.

The low-wage, no-raise economy

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