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The Forty-Year Slump
American Prospect, by Harold Meyerson

Original Article

Posted By:redbadge, 12/3/2013 10:51:41 PM

Since 1974, they´ve steadily lost power—and they´re getting just a fraction of the wealth they produce today. The steady stream of Watergate revelations, President Richard Nixon’s twists and turns to fend off disclosures, the impeachment hearings, and finally an unprecedented resignation—all these riveted the nation’s attention in 1974. Hardly anyone paid attention to a story that seemed no more than a statistical oddity: That year, for the first time since the end of World War II, Americans’ wages declined.

Comments:
Reminds me of what originally made Gen X - nothing to put the Boom in Boomer.

      


Post Reply  

Reply 1 - Posted by: steph_gray, 12/3/2013 11:22:17 PM     (No. 9639204)

Couldn´t read the article beyond about a page.

Combination of too many pop ups and what seemed like an argument waxing towards a love affair with unionization.

I don´t expect it ever made any mention of soaring taxation. Wish I could finish it to see but the pop ups cover the whole thing, they´re brutal.

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Reply 2 - Posted by: steph_gray, 12/3/2013 11:30:38 PM     (No. 9639217)

Sorry for second post but this time managed to get through the whole turgid mass of leftist nonsense.

As I suspected, taxation was never mentioned! You see, the only problem the economy has is Not Enough Unionization. Everything would be perfect but for that. /s

The growth of government mirrors almost perfectly the shrinkage of the private sector economy - but this flaming idiot of an author hasn´t even noticed the giant sucking sound.

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Reply 3 - Posted by: Crashnburn, 12/4/2013 12:02:52 AM     (No. 9639248)

No going to read the article. If companies keep too much profit, buy shares of those companies, and get stock appreciation, as well as dividends.

Also, if unions are so great, why is their membership declining.?

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Reply 4 - Posted by: Riley, 12/4/2013 12:03:19 AM     (No. 9639250)

Not one mention of the union´s numerous sins that caused almost everyone to sour on the socialist bastards.

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Reply 5 - Posted by: woofwoofwoof, 12/4/2013 12:51:37 AM     (No. 9639277)

Meyerson is an old-school liberal, both intelligent and stupid, but this is the longest and most pointless article I´ve ever seen him write. Of course he´s right about the trend, but seems completely blind to the causes - of which globalization is the biggest, and technological trends. Most of these are truisms now, but Meyerson is still writing as if nothing in fact or theory has changed since about 1950.

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Reply 6 - Posted by: grounded, 12/4/2013 12:59:32 AM     (No. 9639278)

Myerson´s a big time lefty whose pieces are regularly carried in the local fishwrap. Nowhere in this lengthy nostalgia journey chroncling the demise of the unionized workforce is there a single syllable devoted to the killing effect on wages by the horde of workers in the country illegally who work off the books and perform jobs previously done by union members, especially in construction.

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Reply 7 - Posted by: beancounter, 12/4/2013 3:39:13 AM     (No. 9639308)

The Social Security and Medicare tax rate has more than doubled since 1965, from 7.25% to 15.3%. The more you tax something the less of it you get.

Also, look at those big companies of the 70´s: GM, GE, IBM, etc. Their main business now is providing benefits to retirees. They just provide products and services as a side business.

So Ponzi schemes are killing us. The public ones are grinding us down with high taxes and the private ones are killing off companies and their employees.

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Reply 8 - Posted by: Poobah, 12/4/2013 5:08:06 AM     (No. 9639332)

The real problem has been the enormous and growing transfer of wealth from the workers to the unemployed, the unemployable, and government drones. Obamacare is an attempt to massively increase that transfer of wealth. But it is an overreach that is backfiring and will result in a transfer of power in 2014 and 2016.

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The Forty-Year Slump
American Prospect, by Harold Meyerson    Original Article
Posted By: redbadge- 12/3/2013 10:51:41 PM     Post Reply
Since 1974, they´ve steadily lost power—and they´re getting just a fraction of the wealth they produce today. The steady stream of Watergate revelations, President Richard Nixon’s twists and turns to fend off disclosures, the impeachment hearings, and finally an unprecedented resignation—all these riveted the nation’s attention in 1974. Hardly anyone paid attention to a story that seemed no more than a statistical oddity: That year, for the first time since the end of World War II, Americans’ wages declined.



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