Mon Dec 12, 2011, 12:05 PM
roseBudd (8,626 posts)
A must read Curious Capitalist column for all OWS/99% supporters.
I had to go through a stack of Time magazines to find this Curious Capitalist column from Aug. 2011 that perfectly points out why income inequality is the cause, not the effect, of our economic problems. Every supporter of this movement should read this, so they can better articulate why OWS is so important. to 100% of us.
The debt-reduction deal guarantees that the gap will widen, perhaps dramatically. First, it cuts government spending at a time when spending is needed most. The economy is weak, and the private sector is still hoarding its cash. This, along with the fear that we'll have to go through the same charade every few months or years, has economists downgrading their already low growth forecasts, making a reality of the much feared 2% economy — one in which a few highly skilled workers prosper and the vast middle flounders. "The debacle has eroded corporate, household and investor confidence," says Mohamed El-Erian, CEO of Pimco. "It will translate into lower U.S. economic growth, higher unemployment and more volatile and fragile markets."
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A must read Curious Capitalist column for all OWS/99% supporters. (Original post)