(Bankster Bubble)
Even if nothing else doomed the status quo, the widening gap between
household incomes and costs will push the corrupt contraption over the
cliff by itself. The status quo (whatever you wish to call it)
requires “growth” to sustain itself–growth in consumption, spending,
sales, debt, asset valuations, profits and of course taxes, and
ultimately all of those “growths” depend on household incomes.
Incomes even for the most highly educated workers are stagnating:
Adjusted for inflation, median household income is down significantly in the ‘recovery”:
Some observers quibble that since this doesn’t include food stamps
and other transfer payments, it isn’t accurate: in other words, it’s not
so bad if we include social welfare.
If the status quo now depends on government payments to households to
sustain “growth,” then the system is nearing the cliff edge.
Another trend that pushes the contraption closer to oblivion is income disparity:virtually all the non-welfare gains in income have gone to the top 5%, with most of those gains concentrated in the top 1%:
We all know what’s happened to major household expenses such as higher education, healthcare, rent/housing: they’re soaring to the moon. Here’s higher education:
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