Bill Mitchell digs deep to look at ‘real income gains’. Naming up these following factors and taking a bite at the Guardian’s neo liberal agenda.
1. The rise of the unproductive financial sector – which should be severely trimmed back to those activities that help real producers achieve some degree of certainty.
2. The capacity of workers to achieve real wages growth in line with productivity growth – the gap between the latter and the former has grown since the 1980s and had led to the redistribution of national income towards profits.
3. Persistent de-skilling and the hollowing out of middle-income jobs.
4. Persistent unemployment and underemployment – which have damaged household incomes and allowed bosses to suppress real wages growth.
5. Attacks on the income support system.
All these factors and more have been characteristic of the neo-liberal era. For a sustainable future there has to be major shifts in policy to address these issues.
The GFC was bad but the trends were in place long before the GFC hit and as I have argued before were causal factors in the emergence of the GFC.
The next crisis is awaiting us if we do not address the driving factors which are also producing the income distribution that this data summarises.
These are factors that Jeremy Corbyn and Bernie Sanders are clearly seeking to address. For the Guardian to say there is no agenda is just to signal they don’t want to know about the grass roots movements that are growing in protest to these trends.