Reports from the Economic Front

a blog by Marty Hart-Landsberg

Why The Status Quo Is Unacceptable

oregon-income-distribution.jpg

The table above comes from the Oregon Center for Public Policy report by Joy Margheim entitled Labor Day Woes and Wishes.

Consider the table carefully—among other things it shows that over the period 2000-2007, the bottom 60% of state income earners actually lost money (in real terms).  Only the top 20% gained, and most of that gain went to the top 1%.  This outcome represents a sharp challenge to our media and elected officials who talk about overcoming the Great Recession and returning to “normalcy.”  Is a return to a political economy in which the majority actually suffers an income loss really our goal?

Clearly, we need to transform the way our economy works and our economic policies should be judged accordingly.  At the same time, a look at the enormous gains enjoyed by those at the very top of the income distribution speaks volumes about the source of resistance to the needed changes.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: