Labor's Share of Nonfarm Business Income PlummetsYou can fool all the people some of the time and some of the people all the time, but you can't fool all the people all the time. At some point the American electorate is going to wake up and realize they've been taken for fools by the "Reagan revolution" with his "trickle down" economics that has only succeeded in making the ultra-rich fabulously wealthy while leaving the bottom 90% with nothing.
This graph of labor's falling share of income explains a lot about the growing political discord in the middle and lower classes:
Click to Enlarge
[via Frum Forum]
I've talked a lot about the need for job creation, and that is still of utmost importance. But job creation alone is not going to be enough to turn the tide of growing unhappiness with our increasingly two-tiered society.
Friday, June 24, 2011
Income Trickles Up in a Supposedly "Trickle Down" Economy
Here is a post by Mark Thoma on his blog Economist's View: