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In My Room » 2004 »

Archive for April 12th, 2004

Who fattens your wallet?

Apr 12, 2004 in Current Events


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In politics, Wall Street ignores history [Christian Science Monitor]

David Francis reports on Wall Street’s overwhelming financial support for Bush, despite the fact that the economy has consistently done better under Democratic presidents since the end of the Great Depression.

The reason for Wall Street’s enthusiasm for Bush? It’s quite obvious: It benefits them financially.

‘While workers have seen incomes rise, corporations have reaped an unusually large share of the wealth, according to a study by the Center for Labor Market Studies at Northeastern University in Boston. In the last two years, GDP increased about $800 billion. Corporations got $325 billion of that sum; employees got $310 billion, the study finds.

“This is really very disproportionate,” says Paul Harrington, one of the economists who did the study. It’s 2.5 times the usual share companies get in an economic recovery in the United States.

As he sees it, companies have reaped too large a chunk of the 7.3 percent increase in productivity in those two years. Business has relied on job outsourcing and cheaper contract employees to boost the bottom line. Labor, with weak unions and facing high immigration, has been relatively powerless to demand its share of increasing prosperity.’

Not to mention the Bush tax cuts and other plutocrat-friendly policies.

Now, I may come off sounding like a socialist-friendly, anti-capitalist liberal at times. But the fact is, the gap between the haves and have-nots has been increasing greatly in our society. Fewer and fewer people have been hoarding more and more wealth. And our government has only been contributing to the enrichment of a few at the expense of the many.