Book Reviews | Gordon Campbell | News Flashes | Scoop Features | Scoop Video | Strange & Bizarre | Search

 


Greg Palast: Today's Pig Is Tomorrow's Bacon

Today's Pig Is Tomorrow's Bacon (A Labor Day Recipe)


By Greg Palast
September, 3 2006

Some years from now, in an economic refugee relocation "Enterprise Zone," your kids will ask you, "What did you do in the Class War, Daddy?"

The trick of class war is not to let the victims know they're under attack. That's how, little by little, the owners of the planet take away what little we have.

This week, Dupont, the chemical giant, slashed employee pension benefits by two-thirds. Furthermore, new Dupont workers won't get a guaranteed pension at all -- and no health care after retirement. It's part of Dupont's new "Die Young" program, I hear. Dupont is not in financial straits. Rather, the slash attack on its workers' pensions was aimed at adding a crucial three cents a share to company earnings, from $3.11 per share to $3.14.

So Happy Labor Day.

And this week, the government made it official: For the first time since the Labor Department began measuring how the American pie is sliced, those in the top fifth of the wealth scale are now gobbling up over half (50.4%) of our nation's annual income.

So Happy Labor Day.

We don't even get to lick the plates. While 15.9% of us don't have health insurance (a record, Mr. President!), even those of us who have it, don't have it: we're spending 36% more per family out of pocket on medical costs since the new regime took power in Washington. If you've actually tried to collect from your insurance company, you know what I mean.

So Happy Labor Day.

But if you think I have nothing nice to say about George W. Bush, let me report that the USA now has more millionaires than ever -- 7.4 million! And over the past decade, the number of billionaires has more than tripled, 341 of them!

If that doesn't make you feel like you're missing out, this should: You, Mr. Median, are earning, after inflation, a little less than you earned when Richard Nixon reigned. Median household income -- and most of us are "median" -- is down. Way down.

Since the Bush Putsch in 2000, median income has fallen 5.9%.

Mr. Bush and friends are offering us an "ownership" society. But he didn't mention who already owns it. The richest fifth of America owns 83% of all shares in the stock market. But that's a bit misleading because most of that, 53% of all the stock, is owned by just one percent of American households.

And what does the Wealthy One Percent want? Answer: more wealth. Where will they get it? As with a tube of toothpaste, they're squeezing it from the bottom. Median paychecks have gone down by 5.9% during the current regime, but Americans in the bottom fifth have seen their incomes sliced by 20%.

At the other end, CEO pay at the Fortune 500 has bloated by 51% during the first four years of the Bush regime to an average of $8.1 million per annum.

So who's winning? It's a crude indicator, but let's take a peek at the Class War body count.

When Reagan took power in 1980, the One Percent possessed 33% of America's wealth as measured by capital income. By 2006, the One Percent has swallowed over half of all America's assets, from sea to shining sea. One hundred fifty million Americans altogether own less than 3% of all private assets.

Yes, American middle-class house values are up, but we're blowing that gain to stay alive. Edward Wolff, the New York University expert on income, explained to me that, "The middle class is mortgaging itself to death." As a result of mortgaging our new equity, 60% of all households have seen a decline in net worth.

Is America getting poorer? No, just its people, We the Median. In fact, we are producing an astonishing amount of new wealth in the USA. We are a lean, mean production machine. Output per worker in BushAmerica zoomed by 15% over four years through 2004. Problem is, although worker productivity keeps rising, the producers are getting less and less of it.

The gap between what we produce and what we get is widening like an alligator's jaw. The more you work, the less you get. It used to be that as the economic pie got bigger, everyone's slice got bigger too. No more.

The One Percent have swallowed your share before you can get your fork in.

The loot Dupont sucked from its employees' retirement funds will be put to good use. It will more than cover the cost of the company directors' decision to hike the pension set aside for CEO Charles Holliday to $2.1 million a year. And that's fair, I suppose: Holliday's a winning general in the class war. And shouldn't the winners of war get the spoils?

Of course, there are killjoys who cling to that Calvinist-Marxist belief that a system forever fattening the richest cannot continue without end. Professor Michael Zweig, Director of the State University of New York's Center for Study of Working Class Life, put it in culinary terms: "Today's pig is tomorrow's bacon."

*************

Greg Palast is the author of the New York Times bestseller, "ARMED MADHOUSE: Dispatches from the Front Lines of the Class War," just released from Penguin/Dutton, from which this is adapted.

And go to www.GregPalast.com for a special Labor Day treat: an excerpt from Air America Radio's Thom Hartmann's new book, "Screwed: The Undeclared War Against the Middle Class -- and What We Can Do About It."

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Werewolf: Living With Rio’s Olympic Ruins

Mariana Cavalcanti Critics of the Olympic project can point a discernible pattern in the delivery of Olympics-related urban interventions: the belated but rushed inaugurations of faulty and/or unfinished infrastructures... More>>

Live Blog On Now: Open Source//Open Society Conference

The second annual Open Source Open Society Conference is a 2 day event taking place on 22-23 August 2016 at Michael Fowler Centre in Wellington… Scoop is hosting a live blog summarising the key points of this exciting conference. More>>

ALSO:

Buildup:

Gordon Campbell: On The Politicising Of The War On Drugs In Sport

It hasn’t been much fun at all to see how “war on drugs in sport” has become a proxy version of the Cold War, fixated on Russia. This weekend’s banning of the Russian long jumper Darya Klishina took that fixation to fresh extremes. More>>

ALSO:

Binoy Kampmark: Kevin Rudd’s Failed UN Secretary General Bid

Few sights are sadder in international diplomacy than seeing an aging figure desperate for honours. In a desperate effort to net them, he scurries around, cultivating, prodding, wishing to be noted. Finally, such an honour is netted, in all likelihood just to shut that overly keen individual up. More>>

Open Source / Open Society: The Scoop Foundation - An Open Model For NZ Media

Access to accurate, relevant and timely information is a crucial aspect of an open and transparent society. However, in our digital society information is in a state of flux with every aspect of its creation, delivery and consumption undergoing profound redefinition... More>>

Keeping Out The Vote: Gordon Campbell On The US Elections

I’ll focus here on just two ways that dis-enfranchisement is currently occurring in the US: (a) by the rigging of the boundary lines for voter districts and (b) by demanding elaborate photo IDs before people are allowed to cast their vote. More>>

Ramzy Baroud: Being Black Palestinian - Solidarity As A Welcome Pathology

It should come as no surprise that the loudest international solidarity that accompanied the continued spate of the killing of Black Americans comes from Palestine; that books have already been written and published by Palestinians about the plight of their Black brethren. In fact, that solidarity is mutual. More>>

ALSO:


Get More From Scoop

 
 
 
 
 
 
 
Top Scoops
Search Scoop  
 
 
Powered by Vodafone
NZ independent news