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Reagan also implemented tax incentives for manufacturers to move their factories overseas, accelerating the loss of good paying blue collar jobs. With no blue collar working class to serve, this in turn lead to the gradual loss of white collar jobs. If there is no middle class left, who’s going to buy all these products and services corporate America produces and provides ? At the same time conservative economists were encouraging the policy that the investor comes first in a business, at the expense of their employees and customers alike, and that executive compensation should be greatly increased to incentivize top management. Reagan and his economists apparently did not think of the long term consequences of their policies, apparently too busy trying to put working class Americans in their place. -Rj
ReplyDeleteThe Reagan economic plan CAN work if corp business owners put their workers on a profit sharing plan related to gross corp profits, so that all share in their good fortunes. BUT many corps have abandoned such things, it seems. I know that when we were on such a thing at work, knowing the targets to hit, we were ALL energized to make that happen. It worked, too! Then about three years later, it quietly vanished. Morale and teamwork diminished, too.
ReplyDeleteThat bogtom picture is accurate, except that that 1% are already on "as they desire" hours. Working less would equate to not coming into the office, going on cruises, etc. IF their pay decreased as a result, most would not notice.
ReplyDeleteThe minimum wage thing is tricky. The simplest prediction is that if the minimum wage rises, in general prices will rise to use it all up. $25 per hour is ballpark $52K per year for someone working full time. This is above the highest rate of social security payments (and 2.5 x the average payment). So retired people will be in poverty more than ever.
ReplyDeleteSure, taxes can be raised to allow for increased SS payments, but it's a hard sell politically and ends up being a futile cycle. No easy solution, I fear.