Wage Stagnation, Growing Insecurity, and the Future of the U.S. Working Class

  • William K. Tabb
Keywords: Stagnation, Political Economy

Abstract

The most important promises used to justify capitalism are that your children will have a better life than you do, and in President Kennedy's famous words, "a rising tide lifts all boats," meaning everyone benefits from the accumulation of capital. These promises ring hollow in a period in which the relative position of the working people of the United States is declining and its ruling class is able to appropriate an increasing share of the national income. This pattern of accumulation and appropriation has become evident to many Americans and this awareness is beginning to affect political consciousness
Published
2007-06-02
Section
Articles