Some times I just feel so tired I want to fall down. Yesterday, whilst going to the grocery store to get more sugar, fat, and salt I caught a few minutes of "Marketplace" on NPR. Even though it is NPR, it's not a lefty friendly show, generally. The piece (only some) I caught was an interview with Jack Hough of "Smart Money", a Wall Street Journal feed. Not a lefty friendly organ, generally.
Long time readers, all three of you, are aware that the point of this endeavor is to continue to nag that the only way to have a stable society and economy is to get back to historically stable income/wealth distributions. It is widely understood that the market, and Joe Sixpacks, do better under Democrats than Republicans; the numbers are unambiguous. Even though Right Wingnuts go to great lengths to shoot themselves in the gonads.
So, anyway, in the course of the interview, Hough mentioned some facts which comport with my thesis:
1) the percentage of national income to profit which is the historic norm is 6.4%
2) the current value is 9.4%
3) the last time profits took that much was just before the Great Depression
4) workers are the buyers of what corporations sell, thus if workers get a smaller part of the pie, they can't afford pie
That last is a stunning admission from a WSJ writer. True, but stunning. The story is here.
25 May 2011
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