Originally posted by spliff4020
The problem lies in the issue of what to do with every worker that is now making 6 an hour at walmart. Those people dont buy houses and new cars every
Spliff, I agree with much of what you wrote.
I had a job and bought a house in 1977. BTW back then there was inflation, but wages were raised to keep up with it. Also, the CRA was formed, because
savings and other financial institutions in poorer areas were not giving mortgages fairly to their depositors; yeah, saving in S&Ls, something people
did back then, save money, for a 20% deposit on a home.
Along came 1980, with Reagan's promise to stop inflation. Sure did, by way of creating a large pool of unemployed workers to drive down pressure from
wage increases. To offset rising house prices, ARM's became popular.
Many of the unemployed turned to either new jobs in the service/financial sector, or became self employed in the service/financial sector.
NAFTA was sold both as a way to help workers in other countries make wage gains, or as a way for companies to avoid paying American workers
wages/benefits and to get out of regulations meant to help workers and the environment. NAFTA was promoted thusly, depending on to whom one was
The immigration bill in the 1980's was a sham, as businesses increasingly hired more illegal workers, another way to keep wages in the economy from
rising. Pretty soon, the amount of jobs that American workers were told that they wouldn't do became a function of who corporations could hire to
replace American workers in those jobs.
Yes, as American workers earned less and less each year, they could still afford their lifestyle, because WalMart offered cheaper goods, because
payments for cars and houses could be stretched for years, allowing lower monthly payments, and more and more was purchased on credit. Pay day loan
and rent to own businesses proliferated by the 1990's.
Down payments on houses would have to be drastically reduced, as first time buyers couldn't afford to save the %. We ended up with no down payment,
50 year loans, and interest only loans by the 2000's.
Americans were told to use even the interest in their houses for college and medical bills!
What began as Reagan's "voo doo" economics (as spoken by Bush elder), sold to American middle class voters as a way for money to trickle down to
them from above, ended up being quite a haul of loot away from the middle class by 2008.
Originally posted by spliff4020
Why not manipulate the system so that everyone prospers.
The more money we spend, the more they make, right? It would only line their pockets a little more.
Up until he retired in the 1980's, my father worked for a non-union business owned by a wealthy, hard working, religious Republican businessman.
Today this hardworking, conservative Republican businessman would be excoriated as a godless, anti-American, evil, Socialist. Why? Because he gave his
workers (who helped make him greatly profitable) "profit sharing" at the end of every year. This man dared to recognize the efforts of his
employees. That check, along with a turkey, was given at a Christmas party; what a nice Christian way of celebrating the dignity of labor and
With American corporations going international, the American worker became expendable. WTF did they care about you as they cared for my father, if all
they had to do was replace you or relocate the business to another country? Greed. More for me, less for you. Instead of dignity, wring out what you
can and discard.
Instead of love of country, i.e. patriotism, traitors have looted this great country and discarded it. An economic revolution must happen.