[lbo-talk] The Raw Deal

Carl Remick carlremick at hotmail.com
Sat Oct 22 12:08:20 PDT 2005



>From: Marta Russell <ap888 at lafn.org>
>
>Long but pretty good for the LAT. marta
>
>http://www.latimes.com/business/la-fi-riskshift3oct10,1,4792299.story
>
>THE NEW DEAL
>
>If America Is Richer, Why Are Its Families So Much Less Secure?
>
>For 25 years, government and business have forced workers to take on
>mounting risk. A Times analysis shows ever-larger swings in household
>incomes.
>By Peter G. Gosselin

That's an outstanding article, Marta, many thanks for posting. I thought this was a key comment: "Although the overall economy has become steadier — settling into a pattern of long swells of growth followed by relatively gentle dips — the incomes of working people have been beset by ever-larger fluctuations. Looked at in this way, 'we haven't reduced economic risks' at all, said Harvard economist Martin L. Weitzman. 'We've simply redistributed them from the economy as a whole to individual households.'"

The sad tale of the past quarter century's social regression is examined in great detail in Michael Perelman's new _Fouling the Nest: How Right-Wing Extremism and Business Incompetence Destroy American Prosperity_. Michael is an excellent guide to the long strange trip of the last 25 years -- a period he aptly describes as the Great Capitalist Restoration -- but it's painful to review this dismal period and know that there is no happy ending, that the outlook is for more of the same.

Carl



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