1947-1979 v 1980-now

Discussion in 'Economy' started by Toro, Sep 5, 2011.

  1. Toro
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    Toro Diamond Member

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  2. jillian
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    jillian Princess Supporting Member

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    it explains the increasingly large gap between the haves and have-nots.

    it isn't healthy for our society.... which is kind of what we've been saying. yet the right complains about even minimum wage and anything that sets standards for pay, with their ire particularly focused on unions.

    frankly, it also explains our falling educational position in the world and slowing social mobility since you can't focus on education when you're trying to subsist.

    and the economy can't recover when the majority of people can't afford the goods produced.
     
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    Last edited: Sep 5, 2011
  3. expat_panama
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    expat_panama Silver Member

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    --exactly as today's Marxists would have us believe.
    [​IMG]
    The flaws/distortions in the NYT rant are too numerous to list in a single post but for with those who care about what's going on, no analysis is necessary and for those that don't no analysis is acceptable.
     
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  4. william the wie
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    william the wie Gold Member

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    Toro, I suspect you have read "The Great Inflation", I know you have looked over at least Rogoff and Reinhardt but what I have to wonder is how much of this is the result of "legacy" agencies created by various presidents sucking the money out of pre-existing agencies. The Patent office no longer has the money to do its job and it is a very small agency. The Madoff Ponzi scheme lasted so long because the SEC budget was cut so much that it didn't have the resources to investigate.

    Part of what has been going on since 1979 has been pruning away antiquated agencies and duplication of effort but a lot of it has been the eating up of needed resources for necessary agencies in order to create monuments of various sorts.
     
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  5. uscitizen
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    uscitizen Senior Member

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    In the 80's we became a debtor nation and a consumer spending driven economy.
    THAT was the beginning of the end when combined with free/world trade and globalization.

    Blame Obama or even Bush if you want but they were just playing the game that has been going on for 30 years.
     
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  6. Modbert
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    Modbert Daydream Believer Supporting Member

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    Keynes: The Return Of The Master by Robert Skidelsky does a very good job of making a similar argument to this article.

    Though his dates are 1951-1973 and 1980-October 2008.

    Some highlights as I type from my book in front of me:

    Unemployment was also more down during the Bretton Woods age across the board.

    There is also the issue of wealth inequality. Right now, we're at the level of inequality that was present right before the Great Depression. Take that as you will.

    As for the article you posted Toro, it was extremely interesting and a good read.
     
  7. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    I think at least one of the major reasons for the increase in productivity without the corresponding increase in wages was the advances of technology. US companies found ways to do more with less people, labor being a very costly resource and growing more costly all the time.
     
  8. sparky
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    sparky VIP Member

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    Most telling of all, Washington deregulated Wall Street while insuring it against major losses. In so doing, it allowed finance — which until then had been the servant of American industry — to become its master, demanding short-term profits over long-term growth and raking in an ever larger portion of the nation’s profits. .

    Spot on

    ~S~
     
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  9. sparky
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    sparky VIP Member

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    errrruhm.....


    But starting in the late 1970s, and with increasing fervor over the next three decades, government did just the opposite. It deregulated and privatized. It cut spending on infrastructure as a percentage of the national economy and shifted more of the costs of public higher education to families. It shredded safety nets. (Only 27 percent of the unemployed are covered by unemployment insurance.) And it allowed companies to bust unions and threaten employees who tried to organize. Fewer than 8 percent of private-sector workers are unionized.

    More generally, it stood by as big American companies became global companies with no more loyalty to the United States than a GPS satellite.
     
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  10. rightwinger
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    rightwinger Paid Messageboard Poster Gold Supporting Member Supporting Member

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    What happened in 1980???
     

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