A variety of factors have contributed to this downward spiral, and this paper analyzes some critically important ones: (a) the effects of a trickle-down economic policy vis-à-vis the New Deal–inspired bubble-up system (b) the global aggression of a neoliberal economic program put forth by the International Monetary Fund (IMF), the World Bank, and their sponsor countries (c) domestic politics and tax structures in America that create ever-widening wage and wealth discrepancies and (d) a relentless onslaught against the working class and especially against organized labor by pro-1% politicians, conservative think tanks, anti-union groups and personalities, and big media owned by corporate America. The American Dream of home ownership, good wages, and leisure has rapidly become unsustainable in fact, experts say the American Dream has ceased to exist. Faced with high costs for education, health care, food, insurance, and necessary expenses, plus a multitude of loans and a weak economy plagued with low-skilled and low-wage jobs, America’s working people are now greatly suffering.
A tiny 0.1% of the American population now has over 90% of the country’s wealth, which we have not seen since before World War II. Productivity has reached a pinnacle, but workers are unable to share in the prosperity they have toiled to create. Working men and women have witnessed their wages fall rapidly and savings wither away.
The gap between the rich and poor is now at an all-time high, and the middle class is collapsing to the verge of extinction. Income inequality in America has reached an unprecedented, historic level, and American workers are experiencing an uncertain and worrisome future.
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