Our Lost Decade Compared To Decades Past
I wrote yesterday about the scant number of jobs created in the last 10 years, but when compared to the past six decades the news becomes that much bleaker.
I’m not saying we should have guarantees our overall net worth should go up or that our economy has to add jobs, but when productivity and GDP goes up, jobs and net worth should follow.
Meanwhile, the rich continued to get richer while median wages have actually gone down…
Middle-income households made less in 2008, when adjusted for inflation, than they did in 1999 — and the number is sure to have declined further during a difficult 2009. The Aughts were the first decade of falling median incomes since figures were first compiled in the 1960s.
As I’ve said in the past, nobody’s suggesting that capitalism isn’t the best way to go. But unchecked capitalism that demands more productivity, doesn’t raise wages and allows everybody to overleverage with ridiculous amounts of debt? Sorry folks, but we’ve tried it and it doesn’t work. The markets obviously don’t regulate themselves and something has to change.
So where do we go from here? Genuinely, I’m asking. How can we fix this?