- Dear Abby
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Most people believe that high unemployment and lack of job opportunities are our greatest economic problems. The cause is lack of demand! Why? The middle-class has less money to spend on goods and services. What caused this? Wages and wealth have severely migrated to the upper class who don't spend it on goods and services, they hoard it. Let's look at what happened:
About 95 percent of wage increases since the recession started went to the top 1 percent.
The banks were bailed out. The middle-class wasn't. The upper-class taxes have been reduced. (Trickle down didn't!) The top 400 billionaires own more than the bottom 50 percent of the population. The billionaires have bought Congress.
State governments have curtailed voting privileges.
Middle-class wages have stagnated or dropped. Automation has reduced the need for labor. Low priced jobs have moved overseas. Labor unions have been severely reduced.
Taxes have increased on the middle-class. The minimum wage is $7.25 and should be $16 based on inflation and productivity increases.
Let's get to work on federal and state elected and appointed officials. Also, labor union organizers better get busy.