Saturday, June 25, 2011

Macroanalysis: Trillions of Dollars Transferred From Working Class to Banks

US workers have been paying the price for corporate malfeasance--to the tune of $8,000,000,000,000 in home equity from 2006 to 2010. Note that while home equity decreased precipitously, residential mortgage debt (in red) did not decrease. Workers also continue to face mass evictions, job loss, and reductions in pay and benefits, while large corporations make record profits.

Workers Continue Class Struggle

US workers have faced several recent losses. In Dukes v. Walmart, the Supreme Court ruled against more than a million women workers who have faced gender discrimination at America's largest corporate employer. US Postal Service employees also lost all employer contributions to their pensions. And in the states, public service employees, including teachers, face layoffs and reductions in pensions and health benefits. Workers, however, continue the class struggle. In New Jersey, thousands of public service employees protested drastic benefit reductions. The losses were particularly discouraging given that both houses of the New Jersey Legislature are held by Democrats. Although the anti-worker bills were passed, protesters vowed they would "remember in November."