The Great U-Turn

Brilliant column by the brilliant Robert Reich.

I remember growing up, my Father made enough money to have a house, 2 cars, a maid and support a wife and two children.  He didn’t go to college, but he built a solid, middle class life.  My mother worked, initially, for what was called “pin”money.  For the extras….And to keep her out of trouble.

That is no longer the case….

And Robert Reich captures it beautifully…..

Do you recall a time in America when the income of a single school teacher or baker or salesman or mechanic was enough to buy a home, have two cars, and raise a family?

I remember. My father (who just celebrated his 100th birthday) earned enough for the rest of us to live comfortably. We weren’t rich but never felt poor, and our standard of living rose steadily through the 1950s and 1960s.

That used to be the norm. For three decades after World War II, America created the largest middle class the world had ever seen. During those years the earnings of the typical American worker doubled, just as the size of the American economy doubled. (Over the last thirty years, by contrast, the size of the economy doubled again but the earnings of the typical American went nowhere.)

In that earlier period, more than a third of all workers belonged to a trade union – giving average workers the bargaining power necessary to get a large and growing share of the large and growing economic pie. (Now, fewer than 7 percent of private-sector workers are unionized.)

Then, CEO pay then averaged about 20 times the pay of their typical worker (now it’s over 200 times).

More:  Robert Reich (The Great U-Turn).

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