someone remind me what happened in the 70s
As I understand it, it’s the effect of a number of policy decisions intended in the surface to stabilize the economy. They stopped approving minimum wage hikes, they accepted a higher rate of unemployment due to factory automation, etc. Also, the difference between worker and executive compensation has grown tremendously.
okay, yes, obviously it’s being stolen and the only solution will come when the last owner is hanged with the entrails of the last enforcer, but can we still have a crossover fic where holmes and shaggy expose capitalism with wacky hijinx, then holmes figures out what’s in scooby snax and gets addicted to them?
the worlds biggest mystery - I left a cake in a room with my dog and when I came back it was gone??!
Of course the financial economist types gotta say “It’s a big 'ol mysterious mystery.” They’ve got their lives tied up in stonks that are supposed to quadruple in value every single quarter forever and ever.
How can they do that if workers get paid? Lol
Not a mystery but I legit think it might take a bunch of Luigis to change anything.
A whole army even…unite.
It is because of the Tendency of the Rate of Profit to Fall and was predicted as far back as 1880. Now we’re seeing it in reality. The surprising thing isn’t that this is happening, but that it took so long to happen.
Except corporate profits are higher than they’ve ever been. Only thing falling is the workers’ share of the obscene dragons hoards of riches.
Corporate profits are higher than ever largely because corporations have been able to get greater productivity out of workers without increasing pay. If wages had kept up with productivity, profits wouldn’t be nearly as high.
Edit: the reason this is a mystery to so many mainstream economists is because they don’t want to reconcile with one simple fact: in order for profits to keep going up, worker wages must be suppressed while also increasing productivity. Why do you think so many billions of dollars are being spent on AI development? Many see it as the key to ever increasing profits, because the worker, and their pesky demand for adequate compensation can be removed entirely.
Corporate profits are higher than ever largely because corporations have been able to get greater productivity out of workers without increasing pay. If wages had kept up with productivity, profits wouldn’t be nearly as high.
the reason this is a mystery to so many mainstream economists is because they don’t want to reconcile with one simple fact: in order for profits to keep going up, worker wages must be suppressed while also increasing productivity.
That, and they don’t want to/are psychologically incapable of the self-awareness required to admit their own complicity in the increasing oppression and exploitation of the very people without whom everything falls apart.
Why do you think so many billions of dollars are being spent on AI development? Many see it as the key to ever increasing profits, because the worker, and their pesky demand for adequate compensation can be removed entirely.
Spot on again.
Anyone working in these environments knows the inevitable is coming.
The actual impressive thing is how they managed to convince working people to actively choose against their own interests
That’s why the right aligned with evangelicals all those years ago. Prior to that, Republicans were actually for abortion rights as a personal freedoms thing. But then they started with the family values stuff, casting Democrats as literally against God. “You need to vote for us because we’ll protect marriage, keep you safe from the sin of homosexuality, and most importantly will protect the babies from being murdered.” Once in office, they could pass all of the tax cuts for the wealthy and reduce corporate oversight, which was the actual goal.
Where is this from? I was looking for the source of this got a while.
And repeat those successes continuously for 50+ years
There’s no mystery. If the workers don’t punch up in unison corporate will maintain the same wages they ever have. Up until COVID happened, there were nurses working on the same wage scales as 2003. Techs and aides fared no better. Outlandish and difficult to believe that is the only type of hourly wage worker who has experienced this gross level of stagnation in wages.
