Wednesday, July 20, 2011

Class War Wednesday

This graph of the US worker's share of income is from conservative and George W. Bush speechwriter turned mostly sane person David Frum.

An explanation of what you're seeing in the graph:
Americans who earn their money from wages and salaries have always seen their share of the national income fall off in recessions when compared with the share obtained through capital gains, rents and corporate profits. Until 1980, however, workers always regained something close to their previous share when each recession ended. After the 1980-82 double-dip recession, that share fell to a lower plateau.

But after the 2001 and 2007-2009 recessions officially ended, workers' share of national income did not recover but continued a downward spiral. It is now at the lowest level it has been since the Bureau of Labor Statistics began keeping records 64 years ago.
After showing this graph, David Frum has two questions for the Republican candidates:
1) Is this a problem?
2) If yes, what can be done about it?
 I'm not Republican cantidate, but I think I can answer for them.

1) No.

2) Tax cuts for rich people.

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