As we navigate the challenges of the 21st century, American workers have faced an uphill battle over the past 17 years. The terrain has been tough, with little evidence of reward for their efforts.
For countless individuals, the effort of plowing through the metaphorical soil has yielded minimal success. The few green shoots that dared to emerge have often been choked by an onslaught of difficulties, with opportunities dissipating before they could blossom.
This tough reality has become the norm for many workers across the United States, echoing tales of hardship shared in various corners of the country. These stories are not just anecdotal; statistical evidence reinforces this sentiment.
This week, Sentier Research published a new report revealing that median household income has just climbed above levels last recorded in January 2000. In practical terms, this means the standard of living for the typical family is now slightly better than it was at the dawn of the millennium. Rick Newman elaborates:
“Sentier calculates a monthly index representing median household income, based on Census Bureau data, starting at 100 in January of 2000. Since it’s an index, it’s adjusted for inflation and represents the real earning power of a typical family. The index drifted slightly above 100 a few times leading up to the 2008 financial meltdown but primarily remained stagnant during the George W. Bush administration. It plunged post-2009, with recovery beginning in 2011.
“The latest reading from the Sentier index stands at 100.9, marking the first time it has exceeded 100 since 2008. This number ties with the previous high from 2002, indicating that family income will hit a new peak if it increases in May.”
Rip Van Winkle
What a lengthy wait it’s been!
A plethora of changes have swept across society while the average worker has seemingly remained stagnant for the past 15 years. In fact, someone like Rip Van Winkle would hardly recognize this post-absence world. Valuable principles, ethics, and decency have largely vanished.
The political landscape has spiraled into chaos. Figures such as Debbie Wasserman Schultz, Jim Comey, and Hillary Clinton dominate the stage, representing a far cry from expected standards of civic duty and accountability.
Decades ago, these controversial figures would have faced backlash, while today they enjoy privileges like hefty pensions and extensive vacations.
What’s the takeaway from this? The federal and many state governments seem to be embroiled in a self-destructive spiral. Agencies and politicians are at odds, creating a turmoil reminiscent of the final days of the Soviet Union.
Unfortunately, honesty has become a double-edged sword. Speaking the truth poses risks, especially when the ruling class is fervently working to maintain their grip on power and wealth.
The Attack on Workers, Phase II
Indeed, President Trump is a polarizing figure. Yet, he’s not as terrible as many portray him to be. There are far worse individuals in leadership roles, and his attempts to correct failing programs are met with overwhelming opposition.
Congress appears united in their desire for Trump to fail, as they react with fervor to his proposals, eclipsing rational discourse with frantic responses.
Should we be astonished? Perhaps this is the status quo, intensified by the passage of time. William Simon, Treasury Secretary during the Nixon administration, succinctly illustrated this long-ago reality:
“One of the things I learned during my tenure in Washington is that the civic book picture of government in operation is completely inaccurate. The idea that our elected officials take part in a careful decision-making process—monitoring events, reviewing options, responsibly selecting policies—has almost no connection with reality.
“A more accurate image would be that of a runaway train with the throttle stuck wide open—while the passengers and crew are living it up in the dining car.”
Today, this metaphorical train is on the verge of derailing. A looming stock market crash, economic depression, and a global conflict could soon follow. After such a calamity, the real challenges for workers will begin in earnest.
Sincerely,
MN Gordon
for Economic Prism
Return from The Attack on Workers, Phase II to Economic Prism
