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One must still have chaos in oneself to be able to give birth to a dancing star. -Nietzsche

  February 3, 2008

Americans like to work more hours for less money

Median Yearly Family Income

With two-thirds of the nation saying the country is on the wrong course, the two parties are offering candidates both of whom played major roles in setting that course. And neither probable nominee has advanced ideas to deal with the crises America faces, nor even shown any great awareness that the country is in crisis.
...
As economist Robert Reich writes, the real wages of working men have not risen in 30 years. Families maintained their standard of living three ways. Wives went to work. The men began to work longer hours than in almost any other developed nation. The family's equity in its home was then borrowed to sustain consumption.

Percent of Working Married Couples
Hours WOrked per Year in Families with Children
Workers' average annual hours in paid work

Now, with the middle class tapped out, the home equity used up or declining, and mortgage, auto and credit card debt turning rotten, the U.S. government is going abroad to borrow 1 percent of GDP to hand out in checks in May to get consumers buying again to prevent a recession.

What kind of long-term solution is this?
[More]


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