Workers’ share of national income plummets to record low

[FarLeftFist]

Over the last decade, the share of U.S. national income taken home by workers has plummeted to a record low.
Check out the chart below, compiled by the Labor Department, It shows that the decline began with the brief recession that followed 9/11 in 2001. But it continued even as the economy picked up again, and got even worse once the Great Recession hit. In the weak recovery since then, workers' share of income just kept on falling. Why are workers taking home such a reduced share of the pie?

Opinions differ, but many experts think that the trend has to do with a number of factors, including a decline in the bargaining power of labor, and increased competition from foreign workers. Similarly, over the last year or so, U.S. companies have made record profits, while unemployment has stayed high and wages have barely risen.
The chart jibes with other data, which show that since the 1980s, income for the richest 1 percent of Americans has exploded, while hardly budging at all for everyone else.



Basically, exactly what we've been saying all along. Why are we Liberals the only ones that care about wealth inequality?!

Edit: Link: http://news.yahoo.com/s/yblog_thelookout/20110614/bs_yblog_thelookout/workers-share-of-national-income-plummets-to-record-low

[FarLeftFist]

1. This also shows what a god-awful failure

Bush and his tax cuts turned out to be.

[Harmony Blue]

2. Absolutely!

Tax cuts are extremely situational, and should be done in short term bursts. The Republicans party is under the delusion that tax cuts over a long period of time causes initiative in the private sector. But the evidence is clear (unfortunately not enough for some), no business will build for something not in demand. Especially for a services/demand driven economy the U.S. is as of right now.

[FarLeftFist]

3. I agree

I never understood why anyone would give tax cuts during a deficit. Save the tax cuts for a surplus, and like you said in short term bursts. This idea of people expecting tax cuts is ridiculous and is partly to blame for our current situation. Bush tax cuts and the wars account for nearly half of our public debt.

[0rganism]

4. Hell, by that measure, every politician over the last 30 years has failed us

I think we need to look a bit further than our wallets for the causes, though. In the long run, it's really progressivism that's failed - conservatives got exactly what they wanted (or thought they wanted) from the shitty policies of the last 3 decades.

We, progressives of the USA, failed to maintain strong unions in our own nation, let alone foster safe unionization, reasonable working conditions, and sustainable environmental standards in other nations within our so-called "sphere of influence". Now we're paying the price.

Rich people and people who worship capitalists rejoice at our (not so) gradual demise.

[Initech]

5. To show a flip side of where that money is really going, watch this:

It's the end credits sequence to the recent Will Ferrel flick "The Other Guys". Pretty cool sequence that shows you how much these fuckers are siphoning off of us:

http://www.youtube.com/watch?v=tvuDGyUkzoI