The latest figures from the Census Bureau show the continuing trend toward greater income inequality,
persistent poverty, and declining median income. Many might have hoped that an
Obama administration would have presided over a more equitable distribution of
economic benefits but as was reported in the Spring, things are actually worse
than under the Bush administration on the question of unshared “prosperity”.
But this is not an Obama
problem or a partisan problem; it is a systemic failure of the structure of the
United States political economy and our form of capitalism. Neither of the two major political parties has a
plan to address this issue, which would require aggressive policies aimed at
raising income levels and strengthening the hand of labor in their relationship
with capital, owners, and employers. This can’t be achieved when unemployment
weakens workers’ bargaining power and the assault on (by Republicans) or benign
neglect (by Democrats) of organized labor ensures continuing unfavorable labor market
outcomes for workers.
Pro-labor
policies would also be the best remedy for stimulating the economy, which
remains mired in recession due to
insufficient consumer spending as a result of widespread economic
deprivation.
Annapurna base camp trek
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