Why We Make Less $ Now Than In 1980

Former Clinton Labor Secretary made an excellent, short video that summarizes why our wages have fallen since 1980 despite economic growth - where did the money go? Cenk Uygur expands on it.

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[zsylvana]

@Rundstedt1 Many of Free marketers argue that financial deregulation was not a fundamental cause of the crise.Untrue!Deregulation is not correlated with better,faster growth.In fact,in the wake of financial deregulation in the 1980s,average GDP growth rates in the Western world fell sharply, as compared with the extraordinary period of post-WWII prosperity now known as the Golden Age of capitalism 1945–1973.This period was the Bretton Woods era of Keynesianism, and financial regulation

[zsylvana]

@Rundstedt1 Angus Maddison,made a study on the effects of neoliberalism on growth rates in the developing & developed world,compared with the Bretton Woods. He compared growth rates both in GDP and GDP in seven major regions of the world from 1950 to 1973 with those in the era of 1974-1992.He found that there were significant declines in the average annual growth rates : in fact the average annual rate of growth of world GDP was only half of what it had been under Bretton Woods=-50%

[CIA182]

@zsylvana Sorry but this is completely inaccurate. First: there is a correlation between deregulation and better economies i.e. late 19th century early 20th century America-- almost no regulations, or even better example. same period Britain--no tariffs, richest time in their history. Second: from 1945 to-1973 inflation sky rocketed, and it wasn't until 1980 that they began addressing the problem, which still took years to fix. Reich is right, but his reasons exclude many other important facts.

[ajgolfer1]

@ajgolfer1 and only includes hourly wages

[ajgolfer1]

of course this leaves out 401K 301C roth ira's employee healthcare etc etc

[tweetmail87]

Oh America, why does everything have to be explained through cartoons and funny drawings? Are we all just infantile?

I’m kidding! Love TYT

[harj2009]

ron paul would end corporate influence and end inflation

[MMZen]

@ignbtd you can calle it leftwing boiler plating and I can just come back and call anything you say is just rightwing boiler plating....and the game will continue into infinity.

[12235117657598502586]

Some rich American bitch once said " Only the 'little' people pay taxs"!

[edeal86]

@ignbtd Yes, because obviously you are at the level of intelligence of which you can try to discredit my entire statement by implicating that I don't understand basic grammar, and compositions. Or that I don't actually study linguistics, and that I use word site tools. You do all this, when in actuality, you appear acrimoniously bitter. Your lack of understanding is why you find my comment vague. But, to unfounded reasons, you still feel the need to label my assertions as a dense expletive.

[edeal86]

@ignbtd Unfortunately for your fallacious perverse logical argument, there is already evident proof of states contracting after stagnating the demand side with spending cuts, whilst redistributing it to corporations with tax cuts. You see, your reciprocal causality is that saving has its limits, and corporations have far exceeded such constraints. Currency must circulate within all castes of an economy in order to generate growth, and that has not even happened with a repatriation of 5%.