The economic policies advanced by successive Democratic and Republican administrations over the last three decades produced significant productivity increases at the same time that average real wages stagnated or declined. This led to an unprecedented shift in national income distribution, away from wages towards corporate profits, massively increasing social inequality.
These tendencies are accelerating, with the Obama administration, on behalf of the major corporations and banks, advancing a sweeping economic restructuring agenda aimed at permanently driving down workers’ wages and conditions. Every aspect of the administration’s agenda—from the bailout of the banks, to mass layoffs and wage and benefit concessions in the auto industry, to sweeping cuts in health care for workers and retirees—is directed towards protecting the ruling elite’s wealth at the expense of the majority of the population.
Until 30 years' worth of economic policies are reversed, the rush to a full-blown depression, let alone the third worldization of the United States, will continue unabated.
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