The Economic Crisis That Shall Not Be Named

Thankfully, Kenneth Thomas decides to do so (boldface mine):

You read it here first: Real wages fell 0.2% in 2012, down from $295.49 (1982-84 dollars) to $294.83 per week, according to the 2013 Economic Report of the President. Thus, a 1.9% increase in nominal wages was more than wiped out by inflation, marking the 40th consecutive year that real wages have remained below their 1972 peak.

Yet no one in the media noticed, or at least none thought it newsworthy. I searched the web and the subscription-only Nexis news database, and there are literally 0 stories on this. So I meant it when I said you read it here first. In fact, there was little press coverage of the report at all, in sharp contrast to last year.

When human civilization collapses, the archaeologists of the highly-intelligent bee people that replace us will not comprehend how our political system could be so skewed towards the needs of the one percent (and the 0.1%), while completely ignoring policies that are very popular on both sides of the aisle.

And the congregation responds: this is yet another reason why we can’t have nice things.

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