Tuesday, October 18, 2011

Them Wall Street Protests

Been super busy lately, so blogging has gone back down to the bottom of my priorities list. And I really feel like I should have posted something by now about the occupy movement, but such is life sometimes.

Though trust me, that will happen eventually, for now I don't have the time to say anything too insightful about it that hasn't already been said (though I will soon! I promise!), so instead I'm going to take the cheap cop-out and link to someone else writing about it instead.

Several versions of this kind of argument have been making the rounds of the facetubes and twitbooks and whatever else the kids are using these days, but I think this one stands out for being well-written and from a reputable source. That being said, I direct your attention to Four Charts That Explain What The Protestors Are Angry About.

Obviously you can go read the article yourself, but the gist of it is that while minimum wage and real incomes (inflation adjusted) for the bottom 40% have declined and barely risen, respectively, corporate profits have skyrocketed, and executive compensation and incomes for the top earners have experienced similar sharp growths.

While the income disparity angle is interesting enough, I think the corporate profits chart explains the problem even more succinctly. The wave of outsourcing and off-shoring in the 80s was justified by businesses as an attempt to stay afloat and keep pace in a hectic global market. And if that actually were the case, then asking for some concessions from workers would be a reasonable option. But since they were all actually seeing record profits...well, I don't mean to sound too cynical, but this may indicate that not only were these businesses maybe not being super truthful, they also were literally lining their pockets with money stolen from the pockets of workers.

And this is why people are angry.

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