[Marxism] Letter from the US: Recovery for the rich, depression for the poor

Stuart Munckton stuartmunckton at gmail.com
Sun Jun 3 00:00:06 MDT 2012


Barry Sheppard

Workers in the United States know they are losing ground in the current
Depression, as they are watching the rich going in the opposite direction.

A decline in real wages comes on top of stagnation of wages in the three
previous decades.

A new report issued by the International Monetary Fund (IMF) says: “The
recent recovery in the United States appears unusual from a historical
perspective … with a much stronger rebound in profits relative to labor
income.

“One explanation is that workers’ fear of long-term unemployment has led to
more subdued wages relative the labor productivity growth during the recent
recovery.”

How can we be speaking of a “Depression” and a “recovery” happening at the
same time in the US (and world) capitalist economy?

http://www.greenleft.org.au/node/51234
-- 
“Disobedience, in the eyes of anyone who has read history, is humanity’s
original virtue. It is through disobedience that progress has been made,
through disobedience and through rebellion.” — Oscar Wilde, Soul of Man
Under Socialism

“The free market is perfectly natural... do you think I am some kind of
dummy?” — Jarvis Cocker



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