newprotest.org: LABOR DAY

LABOR DAY

September 04, 2006
by: jovial_cynic
Greg Palast is good at bringing up the dirt.

In his latest post, Palast drudges up some stats that's enough to ruin Labor Day for most folks.

I'm not a big fan of copying huge chunks of text from other blogs, but Palast has such a way of cutting to the heart of the matter, I can't really add much to it.

Read, and enjoy. And Happy Labor Day.

...this week, the government made it official: For the first time since the Labor Department began measuring how the American pie is sliced, those in the top fifth of the wealth scale are now gobbling up over half (50.4%) of our nation's annual income.

So Happy Labor Day.

We don't even get to lick the plates. While 15.9% of us don't have health insurance (a record, Mr. President!), even those of us who have it, don't have it: we're spending 36% more per family out of pocket on medical costs since the new regime took power in Washington. If you've actually tried to collect from your insurance company, you know what I mean.

So Happy Labor Day.

But if you think I have nothing nice to say about George W. Bush, let me report that the USA now has more millionaires than ever - 7.4 million! And over the past decade, the number of billionaires has more than tripled, 341 of them!

If that doesn't make you feel like you're missing out, this should: You, Mr. Median, are earning, after inflation, a little less than you earned when Richard Nixon reigned. Median household income - and most of us are "median" - is down. Way down.

Since the Bush Putsch in 2000, median income has fallen 5.9%.

Mr. Bush and friends are offering us an "ownership" society. But he didn't mention who already owns it. The richest fifth of America owns 83% of all shares in the stock market. But that's a bit misleading because most of that, 53% of all the stock, is owned by just one percent of American households.

And what does the Wealthy One Percent want? Answer: more wealth. Where will they get it? As with a tube of toothpaste, they're squeezing it from the bottom. Median paychecks have gone down by 5.9% during the current regime, but Americans in the bottom fifth have seen their incomes sliced by 20%.

At the other end, CEO pay at the Fortune 500 has bloated by 51% during the first four years of the Bush regime to an average of $8.1 million per annum.

...

Is America getting poorer? No, just its people, We the Median. In fact, we are producing an astonishing amount of new wealth in the USA. We are a lean, mean production machine. Output per worker in BushAmerica zoomed by 15% over four years through 2004. Problem is, although worker productivity keeps rising, the producers are getting less and less of it.


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