There were 5.37 million people who fell into poverty from 2000 to 2005; during the same time, there were 6.8 million more people without health insurance. . . . And the average wage of new jobs created in this decade is more than 20 percent below the average wage of jobs lost. . . .
All these developments occurred when the economy was growing, worker productivity was increasing, and corporate profits reached a forty-year high. . . . Unlike previous recoveries, this time working families are not gaining ground. The share of national income going to workers is the lowest on record, while the share of national income going to corporate profits is the highest on record. The Center on Budget and Policy Priorities reported that as of 2006, wages and salaries paid to workers as a percentage of GDP stands at the lowest level on record, 51.6 percent. The share of income going to corporate profits was the highest on record at 13.8 percent. In fact, slow wage growth is boosting corporate profits. According to Goldman Sachs, slow growth in labor compensation explains 64 percent of the increase in profit margins over the past year, and "the most important contributor to higher profit margins over the last five years has been a decline in labor's share of national income."
Bill Clinton, Giving: How Each of Us Can Change the World (New York: Alfred A. Knopf, 2007), pages 192-193
Good Friday Meditation
5 days ago