Tuesday, April 13, 2010

Quote Of The Day

Caption: A demonstration by the Industrial Workers of the World (IWW) in New York City in 1914. It's hard to believe, but sometime in the future, we may look back on this as the good old days.

Image credit: Library Of Congress/Wikimedia

At his blog, Robert Reich wrote an economic forecast yesterday that certainly bears reading. In contrast to previous efforts, I think he largely gets this one right, which is discouraging:

The likelihood, therefore, is that as the economy struggles to recover and today’s jobless begin to find work, the median wage will continue to fall—as it did between 2001 and 2007, during the last so-called recovery.

More Americans will be working, but for pay they consider inadequate. The approaching recovery will be tepid because so many people will lack the money needed to buy all the goods and services the economy can produce.

Americans will once again be employed, but they will also be back on the downward escalator of declining pay they rode before the Great Recession.

The Future Of American Jobs

This is our near future. What lies beyond will depend on whether Americans finally get off their asses and learn what's going on in their world and their own government, instead of just shouting like frightened idiots.

At the moment, I'm not optimistic that the long term looks any better.


Expat said...

Thank doG the likelihood any assembly of Teabaggers is a passport free zone, keeping the infestation within national borders.

Cujo359 said...

It's amazing how easy it is to dislike the economic policies of other countries when you've never been to them.