A Journey Through The Graveyard of American Dreams
Reader please watch the videos at the end of this text to get a
complete picture of the info presented here. Also check the references.
This is one of the most complicated posts I have ever researched, and one of the most important. To begin - think about this statement - "In 20 years the USA will have a third world work force engaged in domestic non-tradable services."
read this article at the link below ...
*The Lies at the End of the American Dream
Wages Down, Profits Up
During the five years from 2000 to 2005, the US economy grew in size from $9.8 trillion to $11.2 trillion, an increase in real terms of 14%.
But over the same period, the median family's income slid by 2.9%, in contrast to the 11.3% gain registered in the second half of the 1990s.
Where Has the Increase In Profits Gone?
One way to comprehend what is happening is to look at the split between how much of the economy is won by profits and how much by wages.
The share allotted to corporate profits increased sharply, from 17.7% in 2000 to 20.9% in 2005, while the share going to wages has reached a record low.
The incomes of the top 20% have grown much faster than the earnings of those at the middle or bottom of the income distribution. The income of the top 1% and top 0.1% have grown particularly rapidly. From 1992 to 2005, the pay of chief executive officers of major companies rose by 186%.
The equivalent figure for median hourly wages was 7.2%, leaving the ratio of CEOs' pay to that of the average worker at 262.
In the 1960s, the comparable figure was 24.
Downward Pressure On Wages
The Federal minimum wage has been static for a decade.
The "China effect,", the idea that low prices of imported manufactured goods are pushing US industry to cut its workforce in order to increase productivity.
Public, private and corporate debt far exceeds any previously known dimensions. Trusting in a future rosier than the present, millions of households are borrowing so much money that they end up endangering the very future they're looking forward to.
The lower and middle classes have practically given up on putting aside any savings. They're going into the 21st century like a poverty-stricken, Third World family, living from hand to mouth without any financial reserves whatsoever.
The production sectors such as the furniture industry, consumer electronics, many automobile part suppliers, and now computer manufacturers have left the country for good.
Declining Value of the Dollar
The value of the U.S. dollar falling 28 per cent against other currencies between 2002 and 2004. World financial markets are already starting to bet against the U.S. dollar. Our creditors, particularly Asian central banks, are losing their appetite for U.S. Treasuries.
The consequences of a rapidly declining dollar are not yet fully understood by the American public. The long-term significance has not sunk in, but when it does there will be political hell to pay in Washington.
Our relative wealth as a nation is measured in dollars, and the steady erosion of the value of those dollars means we will all be poorer in the future. The artificial stimulation of our economy through cheap money comes with a price. When dollars are abundant, they are worth less. This is the reality facing Americans today, especially older Americans who rely on savings to finance their retirement years.
The government has pumped its currency into the world economy so vigorously that the dollar can now be brought to the point of collapse, and now large parts of the US workforce is standing with its backs against the wall.
*America’s Socio-Economic ConundrumFor many blue and white-collar workers, this decline is already real, because they have less of everything than they used to. They possess less money, they are shown less respect in society, and their chances for climbing up the social ladder have deteriorated dramatically. They're the losers in the world war for wealth.
*Fed Covers Up Declining Dollar
*Effects of our declining currency
When a large part of citizens are cutoff from the nation's overall wealth, we have to face an uncomfortable reality.
Now let us take a video journey through
the "Graveyard of American Dreams ...."
Income Inequality and the Middle Class
Corporate Profits Up, Wages Down
Is the American Family Under Attack?
Haunted House of Economic Horrors
No Jobs for Middle Class
Facts about the economy
U.S. Trade Policy and Job - Destroying Treaties, WTO & NAFTA
Also see ...
"It’s the biggest untold economic story of our time: more of
the nation’s bounty held in fewer and fewer hands, and Bush’s
tax cuts are only making the problem worse."
*The Great Wealth Transfer
*The Great Wealth Transfer (continued)
Also see ...
"(Oil) The holy grail of world trade, the basis of neo-liberal growth and prosperity,
is completely dependent on a resource that is not only finite but moving into
decline. The era of globalisation seems destined to be relatively short-lived."
*Cultural meaning of the oil crisis and the end of growth
Race to the Bottom