(1) With the advances in modern technology, if every potential American worker were working productively, full time, we could produce twice the goods and services that we require, collectively.
(2) In past years, we could sell the excess production overseas, but as the world modernizes and other countries do the same things we are doing, we end up with the situation where we can no longer sell our excess production capacity offshore. And the people who could USE our excess production (India, Africa, the third world generally) do not have the MONEY to pay for it.
(3) Keep in mind that a few short generations ago, most households had ONE full time wage earner. Now a typical household has TWO full-time wage earners (or persons who would want to be a full-time wage earner). The Economy created a tremendous number of new jobs since women/wives/mothers started going to work in massive numbers, but with the global economy we simply don't need to have two productive workers in every household, even if those households have a need for two incomes. Perverse, isn't it?
(4) Having millions of poor immigrants hanging around the country, willing to work for slave wages, depresses wages for those Americans at the bottom of the pile, who are - to be honest - not willing to work as hard or as long as a "Mexican" for the available wages.
(5) If I were emperor I would pass a law that prohibits two FT incomes in any household. One FT income and one 1/2T income per household, max (not including kids still going to school full time). Families have 6 months from implementation to decide which full time position they will retain and which one will "retire." Most households will have to scale back a bit, but the unemployment crisis will be over.
Wow are you high on crack with that bit in bold. "..scale back a bit.."? How do you "scale back" from being near foreclosure each month with two incomes? You going to simultaneously drop the price of goods and services, real estate where these people have to live? How would you do the elementary school level math to allow these people to remain in homes, feed, clothe and provide healthcare for their kids? Are you saying you are FOR Universal Healthcare? FOR raising the minimum wage to at least double what it is now?
Or are you proposing these families who live in the real world where two incomes are mandatory, move out instead to a tent with a butane burner and lots of donated coats and blankets to get their kids through the Winter? Maybe they could learn to build igloos?
Seriously, the rich of this country are so completely out of touch with the basic math in the vast majority of households that if they sat through a month of what we common folk, the erstwhile middle class, have to live through, they would die of shock. Their hair would turn white at the pace most folks have to keep just to barely make ends meet.
There would be no time for the golf course, no money for that expensive hair, no mani-pedis, no $1,000 suits packing their closets, no trips abroad or anywhere else for that matter, no ...you get the picture.
One remedy that might snap this country around is "take a Senator home with you this month" program. Like an exchange program. Let them travel around with the wage earners like the show Dirty Jobs. Let them see the bills going out and the income coming in and what's left at the end of the month.
Since that might be a security problem, maybe instead they could be required to pass a course called "audit a normal person's life". Volunteers from the working classes could offer up a paper portfolio of their lives, their incomes, number of kids, mortgage, bills, obligations etc. and like a school class project, in order to "graduate" each Congressperson would have to present a balanced budget for that family with every single detail of their outflow and income logged down in that Congressperson's actual handwriting [instead of getting an aide to do it].
Audit a normal person's life. Then maybe they might be better positioned to make good policy per this thread. There will be the sociopaths, the narcissists among them that only took the position for power, admiration and greed who even after such an eye opener will not give one flying f... But there are a fair number of politicians even today that are capable of moral fiber if the stark facts are in front of them.
Rich people get out of touch. I myself, always on the verge of default, have people even less fortunate than myself that if I was to live a month in their shoes would shock me back into reality. People need to be shocked now and then. It's good for the overall economy..