Interesting statistics that lie behind the increasing deterioration of living standards in the US. There is no going back I'm afraid. The post war era, that laid the material basis for the "American Dream" is over. It was a dream that excluded millions of US citizens especially people of color due to the racist policies of the period and was short lived.
Being unable to buy homes, which amount to the most important asset workers will own in their lifetime, had a huge negative effect on black people in the US and contributed to their collective wealth. The 2008 crash was said to be the largest loss of African American wealth in US history. The home is a bank for us. In this period we are also witnessing the severe decline in the living standards of white workers and a definite decline in life expectancy. This decline is happening to a demographic that is considered a "privileged" group. This is having a huge effect on consciousness that, in my personal opinion, the extreme right wing forces are tapping in to.
Biden's hyper aggressive stance on China and to a lesser extent Russia is a diversion from this reality, that US capitalism can no longer provide "guns and butter" and the dream is dead.
Of course, taxing the rich is no long term solution either. The rich will always find ways to avoid taxes, the politicians in the two capitalist parties write the tax codes. R Mellor
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