Has the Middle Class experiment ended? was it temporary? From the roaring ’80’s until the 1930’s wealth grew and the bottom fell out of the world economy. Starting in the mid 1930’s laws, wars, and rules and regulations changed the world of work and ownership and economies flourished, workers pay increased, and the middle class grew world wide. Starting in the 1980’s, many of the rules and regulations, law interpretations and legislation changed again. Median pay in the USA is the same in 2014 as 1972 and the middle class has collapsed but the economy has grown. This growth has gone to top portion of the income scale and even within the top 10%, most of the money has gone to the top 1%. Most economists chalk these results up to political policies and not economics. Legislatures and congress have been bought and paid for. Recently, Judges have fallen in-line: taking away people’s right to vote; giving businesses the right to participate in elections; giving corporations more and more money with less and less responsibility.
April 18, 2014
Full Show: What the 1% Don’t Want Us to Know
BILL MOYERS: This week on Moyers & Company, Nobel Laureate Paul Krugman of “The New York Times” on a revolutionary new book about wealth and democracy.
PAUL KRUGMAN: Piketty is telling us that we are on the road not just to a highly unequal society, but to a society of an oligarchy. A society of inherited wealth.
These are some of reasons for the collapse of the middle class world wide. Follow the reasons on: http://billmoyers.com/tag/joseph-stiglitz/