Even Greenspan sees it
Rich-Poor Gap Gaining Attention
The Fed chief then added that the 80 percent of the workforce represented by nonsupervisory workers has recently seen little, if any, income growth at all. The top 20 percent of supervisory, salaried, and other workers has.
The result of this, said Greenspan, is that the US now has a significant divergence in the fortunes of different groups in its labor market. "As I've often said, this is not the type of thing which a democratic society - a capitalist democratic society - can really accept without addressing," Greenspan told the congressional hearing.
Note how he has to correct himself: not just a democratic society -- them's a dime a dozen, right? -- but a capitalist democratic society. Still if even that deeply partisan Ayn Rand disciple smells class warfare in the wind, we can safely say there's something horribly wrong with America's undemocratic state-sponsored capitalist economy (and, yeah, both the Democrats and Republicans can share the blame). Maybe it's time for me to finally scrounge up that $20 and join the Democratic Socialists of America.
posted by Mark D. @ 4:05 PM |
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2 Comments:
I find it comedic when people imply Greenspan has retained any connection ideologically with Rand. (Read his Senate conformation transcripts if you like.) If he had any connection, he would never accepted the job in the first place.
However, you do have a point in telling just what an abysmal job the chairman has done with our money—which is the legacy of governmental, democratic or not, influence over the economy.
But I'm afraid the problem is much worse. I can’t cite the study from memory, but I remember reading that the gross domestic product per capita, discounting inflation and government outlays, has steadily fallen the past 20 years from the late 1970s.
For a libertarian perspective on Greenspan try this link:
http://www.mises.org/fullstory.aspx?control=1544&id=74
Justin, I know I am a master of comedy, but please send me a link to Greenspan's "Senate conformation transcripts" so I can see the true hilarity of any ideological connection with Ayn Rand.
Also the "libertarian perspective on Greenspan" is from 1987, and hardly mentions Greenspan at all. I don't suppose you have anything a tad more recent, and relevant?
I have a hunch that you and I also have vastly different ideas about what "our money" means, and what it should be used for...
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