12.02.2007

Annals of capitalism

Jared Bernstein:

"The fact that real middle-class income may barely make it back to its 2000 peak stands as the strongest indictment against the current American economy. It’s partly due to the fact that this recovery began with the longest jobless period on record, but the forces of inequality are the main driver of this unfortunate outcome. Globalization, YOYO economics, [You're On Your Own -- ed] and the absence of worker bargaining power have interacted to steer the lion’s share of the economy’s growth to a narrow sliver at the top of the wealth scale."

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