Sunday, October 18, 2009

America's Economy Fails the Average Man

According to Time magazine, October 26 issue, in 2008 the median male income was $46,367 but in 1972 his income was $46,956 (adjusting for inflation). In 36 years of economic development the net gain for the average Joe was negative! All of the increase in average family income came from women entering the workforce.

What's happening, of course, is that all the economic gains of the last three to four decades have accrued to the wealthiest people in this country (as a group). I believe there is a simple reason: the wealthy and powerful control the accounting system, the systems that decide who gets what. Not surprisingly, they direct all the gains to themselves -- a point Ron Paul made during the last election.

What is surprising is that the rest of America is putting up with it. The accounting system is, after all, the creation of our collective mind. Why keep a system that doesn't benefit most people? Ron Paul and I disagree about a lot, but this one thing he's got right. We need to take control of the accounting system and insure that the economic gains this country has made and is making are shared by all working people, not just a few fat cats.

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