Economic Update: Richard Wolff Sat. Apr 21 with Economics Professor William K. Tabb
SouthernDragon in his Lakeside Diner this Monday Morning gave a link at the bottom of his diary to this program from WBAI on NYC. I want to make it a bit more visible because this one has an interview with Economics Professor William K. Tabb which I found to be very enlightening concerning the change in the economy since the late 1960s and early 1970s to now.
Most importantly how it went from a manufacturing base one to an investment based one. Where in the past the financial sector was only 2% or the economy and now it is 40%. That is a huge change.
One particular point that is made about half way through is how the economy is made up of 40% financials and that people who used to get average income working in that area, are now payed huge amounts. And one point he does not make but I think should have been made is how the investor class – those who did not play the market much in the past – has grown as well. Those and the people who now rely on their 401k and other investments for retirement and what not. These are the people as well as the the 1% that Washington is trying to protect at all costs.
These are the people who get fried when the system crashes. Think about that.