I haven't written recently on the US economy, but have something to say, so thought I'd send a general message out.
(1) I stumbled across a project of the Democratic Leadership Conference, which is the center-right coalition within the Democratic Party here in the US that was so instrumental in getting Bill Clinton nominated by the Dems in 1992, and then later elected as President. This project is called "The New Economy Index" and is located at <www.neweconomyindex.org/index.html>.
This project is what the DLC sees as the way forward for the US economy. I think it is an extremely sophisticated program that we who tend to challenge mainstream efforts must look at and critique, and ultimately must counterpose with our own project. This is the continuing neo-liberal effort to get rid of/destroy any regulations that hinder the movement of capital and political power of the US state, and to continue restructuring the US economy to be able to maintain US dominance over the rest of the world's political economy.
The accompanying part of the project is called "The State New Economy Index" and is at <www.neweconomyindex.org/states/introduction.html>. This part of the project examines the situation in each terrotorial state (e.g., New York, California, etc.), and basically tells policy makers what they have to do to get their state up to the standards necessary to compete in the hyper-competitive neo-liberal model.
I suggest that folks need to look at these items. And this is important for those of you who live outside the US as well, because if the US implements all of these things, your country/economy/etc., will have to deal with them.
(2) From Fortune magazine of September 6, 1999: 121-134: "Internet Defense Strategy: Cannibalize Yourself" by Jerry Useem. I think this fits with the above--what is happening is that established firms are being overrun by new companies organized around the Internet--the old ones are not near as nimble in responding to change, etc. The author says that old companies are starting new Internet companies to compete with the (i.e.,THEIR) old companies, and the new ones are tearing up the old ones. In other words, if the original company wants to survive in these days of hyper-capitalism, firms must "cannibalize" themselves to insiders or risk having this done to them by outsiders, and going out of business.
Since the DLC's "New Economy" Project already points out that 1/3 of all jobs in the US are currently "in flux"--i.e., either the company is growing rapidly or is going out of business--this looks even nastier.
(3) From Crain's Chicago Business, the local weekly business paper here in Chicago: "City awash in newly minted millionaires" by Julie Johnsson, August 23, 1999: 3, 38. In this article, Ms. Johnsson points out that "Between 1994 and 1998, the number of millionaire households--those with at least $1 million in investible assets [i.e., does not include house or car--KS]--in Illinois swelled 43% to 73,588, outpacing the growth in affluent households nationwide...." Then she points out, "What's more, the ranks of millionaire households are projected to swell 47% to 108,288 by 2003.
------ Hopefully, the point has gotten through: as our political "leaders" here in the US are destroying any limits on capital, a few are getting fabuously wealthy. I won't try to put this in a larger sociological context tonight, but I think it bodes ill for most of the people here and around the world.
In solidarity--
Kim Scipes