ysabetwordsmith | Money Matters (Reply)

I first saw this on Doug's computer screen, from the commentary essay "Money Matters." This is the quote that caught my eye:

The truth is that while the proximate cause of America’s economic plunge was Wall Street’s excesses leading up to the crash of 2008, its underlying cause — and the reason the economy continues to be lousy for most Americans — is so much income and wealth have been going to the very top that the vast majority no longer has the purchasing power to lift the economy out of its doldrums.

Well, yes. I have been saying that for quite some time. But the person who said this version has served as the 22nd Secretary of Labor. You might ignore me, but he has all the fancy paper and experience to show for it. Of course the obvious is still the obvious: no matter what you try, 20% of the wealth can't run 80% of the economy. Further thoughtful details appear in "The Republican Shakedown," which explains how Republicans are digging in taxpayer pockets. The problem with a shakedown, though, is that eventually you get down to pocket lint. Working Americans are running out of pennies to fund the government, or anything else for that matter.