As the years have passed and our American values -- and distribution of value -- have changed, we must be vigilant to make sure culture and holiday does not lag behind. For this reason I believe we should re-christen the holiday that officially concludes summer, Capital Day. This seems to move the holiday more into line with our beliefs, tax structure and economic performance. Additionally, it seems a more accurate nomenclature for the official end of the holiday season and the return to our lengthening work hours and falling vacation times. Labor Day may once have been the best name. Capital Day seems more suitable to our present era.
As Labor Day/Capital Day falls in this the two thousand and seventh year of our lord, capital's share of the American pie is at record level. Labor's share too has achieved a new record -- a record low. The Center on Budget and Policy Priorities reports that the share of national income going to wages and salaries has reached an all time low (lowest point since data began being collected in 1929) and the share of national income going to profits has reached a high. I believe this strongly supports my contention regarding a name change for the holiday!
Millions of Americans will celebrate this Capital Day at work. Their holiday experience suggests renaming. As recent work by the Center for Economic and Policy Research points out, we in the US have the least paid and assured vacation days in the developed world and lag many in the developing world [pdf].
September 03, 2007 will be a better day for capital than for labor in America. Thus, why not change the name?
Join me in celebrating Capital Day this year and for so long as the trend continues!
Max Fraad Wolff
September 02, 2007