The rich are getting fabulously richer, ... and the bottom half are being savaged by our current economic policies.”

January 19, 2008 by the New York Times | Good Jobs Are Where the Money Is | by Bob Herbert

I think of the people running this country as the mad-dashers, a largely confused and inconsistent group lurching ineffectively from one enormous problem to another.
...
Now, like children who have eaten too much sugar, they are frantically trying to figure out how to put a few dollars into the hands of working people to stimulate an enfeebled economy.

They should stop, take a deep breath and acknowledge the obvious: the way to put money into the hands of working people is to make sure they have access to good jobs at good wages. That has long been known, but it hasn’t been the policy in this country for many years.

Big business and the federal government have worked hand in hand to squeeze the daylights out of working people, stripping them (in an era of downsizing and globalization) of much of their bargaining power while ferociously pursuing fiscal policies that radically favored the privileged few.
...
From 1980 to 2005 the national economy, adjusted for inflation, more than doubled. (Because of population growth, the actual increase per capita was about 66 percent.) But the average income for the vast majority of Americans actually declined during that period. The standard of living for the average family has improved not because incomes have grown, but because women have gone into the workplace in droves.

The peak income year for the bottom 90 percent of Americans was way back in 1973 - when the average income per taxpayer (adjusted for inflation) was $33,001. That is nearly $4,000 higher than the average in 2005.

It’s incredible but true: 90 percent of the population missed out on the income gains during that long period.

Mr. Johnston does not mince words: “The pattern here is clear. The rich are getting fabulously richer, the vast majority are somewhat worse off, and the bottom half - for all practical purposes, the poor - are being savaged by our current economic policies.”
...
Economic alarm bells have been ringing in the U.S. for some time. There was no sense of urgency as long as those in the lower ranks were sinking in the mortgage muck and the middle class was raiding the piggy bank otherwise known as home equity.
...
Forget all the CNBC chatter about Fed policy and bargain stocks. For ordinary Americans, jobs are the be-all and end-all. And an America awash in new jobs will require a political environment that respects and rewards work and aggressively pursues creative policies designed to radically expand employment. ...