Capitalist economies are cyclical in nature. Over the last sixty years, the US has experienced ten recessions, each followed by a renewal of economic growth. Although each of these recessions brought substantial losses to both rich and poor, the way the expanding post-recession pie has been divvied up has become increasingly skewed. In the earliest of these recoveries (1949 to 1953), those in the top 1% of the income distribution received only a proportionate share of the gain in income. However, as a recent report notes, since 1954, and particularly since 1980, the share of new income claimed in each expansion by the top 1% has grown dramatically. It reached 76% during the 2001 to 2007 recovery and is on track to hit 95% during the current expansion. The relevance of the mainstream adage that a rising economic tide lifts all boats is sinking fast. In the US, as many drown, only the largest yachts rise.
Bodes well for the future
Journey to Earthland
The Great Transition to Planetary Civilization
GTI Director Paul Raskin charts a path from our dire global moment to a flourishing future.Read more and get a copy
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