Friday :: May 25, 2007

Men In Their 30's Lost Money Since 1974


by Steve

Ah, the benefits of globalization and the GOP focus on Wall Street and not Main Street:

The part of the American dream that says a man’s children will be better off than he was, has become a dream, not reality, according to an analysis of Census data released Friday.
A generation ago, American men in their thirties had median annual incomes of about $40,000 compared with men of the same age who now make about $35,000 a year, adjusted for inflation.

Household incomes rose during this period, only because wives returned to the work force either by choice or necessity. But things are great for the CEO class, namely the Republicans who run the corporations.

Of course, the men who run American companies don’t have too much to complain about. CEO pay increased to 262 times the average worker’s pay in 2005 from 35 times in 1978, according to the report’s analysis of Congressional Budget Office statistics.

We've haven't invested nearly enough in new industries, growing this economy, or focused on wage growth much in the last 30 years. But we have managed to pass numerous free (not fair) trade deals and passed numerous tax cuts skewed to the wealthy, with GOP and Democratic Leadership Council support. And we've been told by the media and their GOP masters that unions are the cause of our economic ills. Yet men in their thirties have lost $5,000 in annual income during this time, and until recently kept voting Republican.

During this 30 year period, Democrats were in control of the White House and Congress exactly 6 years.

Steve :: 2:50 PM :: Comments (21) :: Digg It!