But for the housing bubble that temporarily camouflaged our "winner take all" economy, the resentments that produced Occupy Wall Street might have themselves bubbled to the surface many years earlier. Published back in 1998, my book, The Future in Plain Sight, contained a chapter on the wage gap, which argued that the ever-widening gulf between executive pay and the incomes of the rest of the workforce was one of the intractable problems that portended future instability. Every metric I cited in that chapter as evidence that the wage gap had reached crisis proportions has only widened in the intervening years.
Here's a snippet of what I wrote back then:
...The growing pool of modem-accessible workers may act as a cap on wages and job availability in the U.S. for years to come. A substantial percentage of America's white-collar workers face an indefinite future of limited prospects.
This means that a large pool of voters will have more reason to remain angry and dissatisfied, becoming fertile ground for radical and xenophobic causes. The danger to society comes not so much from extreme events such as the 1995 bombing of the Alfred P. Murrah Federal Building in Oklahoma City... as from even-wilder oscillations in political positions, in which moderates lose influence and the more passionate extremists take control of the political agenda.
This is one reason why the widening gap between the top and the bottom income groups cannot continue to widen indefinitely. The few can maintain their wealth only with the permission of the many. If the middle continues to stagnate in the developed countries while the top prospers, the majority will demand action, and politicians, being politicians, will give it to them...
Well, here we are in 2011, and we may be approaching that point where the wage gap cannot continue to widen. Will these protests continue to swell and force politicians to act? If they do, what will they give the voters?
On the first question, I think that if the protests coalesce around the 99% meme -- the conviction that system is rigged, and that the middle class is being asked to suffer to preserve the privileges of the very rich -- OWS will continue to gain traction. Indeed, it's not inconceivable that this movement might co-opt some of the anger that has supported the Tea Party (which, since its inception, has had the delicate task of asking the middle class to vote against its own interests).
What might politicians toss to the 99%? Easy -- a tax increase on the wealthy (anti-tax posturing notwithstanding). They've done it before, several times in fact. If pressure builds much more, Congress will do it again.
Of course, OWS might peter out as the weather chills, and if the offensive actions of a few protestors continue to dominate the media coverage. Regardless, the genie is out of the bottle: more and more of the middle class are coming to the conclusion that the system is unfair. There is no reason to expect that this anger will dissipate, even if OWS fades, if only because the endless cycle of layoffs, benefit cuts, and pay reductions, will continue to remind the middle class of their economic pain.
The lucky few might well ponder the voting power of the 99%, and consider whether they really want to continue to reap everything on their wish list. There are teasing suggestions that some may be thinking along those lines. Consider OWS's favorite villain, Goldman Sachs. The bank could have reported a profit in the third quarter, but instead showed a loss, mystifying some observers. Is it possible that the clever minds at the financial giant realized that yet another quarter of big profits was not the message they wanted to send, given the merciless economic context -- and the chanting crowds just a few blocks from their headquarters?
because OWS is slowly winning.
your assets are not just donations in a bank, but your qualities, a good sense of humor, peaceful, merciful, and patient, easy going, welcoming, friendly and open hearted.
you are the daughters and sons of MLK and the heirs of Ghandi.
america's hopes are rising thanks to you...
“If this doesn’t stop soon I will be out of business,” said Marc Epstein, 53, president of Milk Street Cafe on Wall Street, less than a block from the New York Stock Exchange.
Sales have dropped about 20 percent since the protests began last month and the 103 jobs created by the cafe’s opening in June are now at risk, said Epstein, who’s not alone. Caroline Anderson, general manager of Boutique Tourbillon, a Wall Street jewelry store, said customer traffic is down about 20 percent, and Vincent Alessi, a managing partner at Bobby Van’s Steakhouse on Broad Street, said his lunch business has been cut in half.
My video response to media marginalizing OWS
You are so right that the Occupy Wall Street People are the tip of the ice berg, Unfortunately that is bad news for the less than 50% of the country that pay taxes and contributes to 100% of the GDP.
Why is it bad news-because we are at a tipping point where the unproductive, like the occupiers of Wall Street and other communities around the country comprise a dangerous majority that can trade their vote to politicians that are prepared to prostitute for benefits and handouts that the remaining productive minority can not afford to subsidize....
I leave you a quote made by Alexis de Tocqueville about 150 years ago- A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years.”
Warm regards,
Michael Winters
You made me laugh. You probably believe in the Mayan calendar too. We can stop the madness.
Fix congress - remove personhood for corporations proposed 28th amendment http://www.dailykos.com/story/2011/10/10/1024726/-The-28th-Amendment-on-Corporate-Personhood
The problem is the government is driven by corporations.
http://www.youtube.com/watch?v=qKpxPo-lInk
Austerity doesn't work. Argentina did the right thing, they are now booming.
Dear 1%:
Your only hope is to recuse yourselves from control of the national political and economic system. You will need to plead for foregivness from the masses of folks upon whom you have imposed hurt, damage, degration, and dismissal of their hopes. Your burden is heavy. You and your predecessors over the past one to three or so hundred years have financed and enviggled governments to fight hideous wars. You have installed dictators and supported them, knowing of their will to murder their fellow humans and impost great deprivation upon them. Worse, you have used the media to divert the folks' attention from their woes created and imposed by you – a gigantic wasteland of radio, television, movies and national diversions. You have intentionally “dumbed down” the average citizens by refusing to support high quality education among all residents of the nation. You threaten further deprivations of shelter, food, jobs, education and health care.
You have contributed your wealth to your personal pleasures while homeless folks suffer wretched conditions of existence. You have excellent food, shelter and medical care while great numbers of us sleep in poor and inadquate shelters – or no shelter at all – and suffer from our disabilities.....
Read the full article: http://wikioccupy.org/index.php?title=User:Jimmiller5417
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Of OWS wants to impact Congress they need to change it to occupy congressional offices. OCO! Move to the congressional offices of each state, and especially the Capitol in Washington to send their message to act for our country and its people. To stop the partisan action and mandate to make Obama look bad while the whole country suffers. We did not elect them to carry out personal mandates we elected them to do what is best for our country and the MAJORITY of Americans.
The protesters need to make sure that awareness is raised to the facts the problems began with Congress, our lawmakers, and it must end there. Until we make a change in Congress we cannot expect change. Due you part, VOTE with education and knowledge, cross party (team) lines this is not a game it is our future. Vote for new candidates that will do the job but cannot buy the election.
Dylan Ratigan and The Young Turks sponsored Woplfpac ( http://www.getmoneyout.com/ and http://www.wolf-pac.com/ ) have already had a strong showing in working toward a constitutional amendment to get the money out of politics. Will this be enough?
As in most events of this nature, the question boils down to what actions should be taken and therein lies the rub!
Support Fairness and the Common Good in Government. Follow One Man Roaring on Twitter: http://twitter.com/omroaring