
Fast-food workers strike outside a Chicago-area McDonald's on July 31, 2013. (Photo: Steve Rhodes/Flickr)
To donate by check, phone, or other method, see our More Ways to Give page.
Fast-food workers strike outside a Chicago-area McDonald's on July 31, 2013. (Photo: Steve Rhodes/Flickr)
In the run-up to this Labor Day, I've noticed several CEOs, political pundits, and so-called economic experts saying they're confused as to why Americans are so down. Consumers should be out buying stuff, they say, for the economy is humming again. Just look at the key indicators: GDP is growing, corporate profits are high, the stock market is soaring, jobs are being created, the unemployment rate is steadily dropping, and people's disposable income is up. Yet, as the CEO of The Container Store recently grumped, consumers are in "a retail funk."
That's so cluelessly wrong, sir. Consumers (unlike you platinum-card members of the CEO Club) are in an income funk, meaning we have very little of the green stuff coming in. The bottom line is that Americans are down, because... well, because most of us are down. Yearly income for the typical household is $3,300 lower today than in 2007, when Wall Street barons crashed our economy. Or look at what's happened to the typical American family's net worth. It was nearly $88,000 ten years ago, but today it's down to $56,000 - that's more than a one-third drop, even though we're told that America is enjoying "a strong recovery."
And the picture is not getting any brighter, because a new normal has been imposed on America's workforce. Senor CEO has been gleefully slashing both jobs and pay, reducing the future of work to a low-wage, no-benefits, part-time, grind. One more number for you: 48. That's the percentage of adults who now hold full-time jobs - leaving more than half of us trying to make ends meet on part-time work.
The lesson for the Powers That Be on this Labor Day is that there is no species called "consumers." Rather, that creature is just a worker with a decent-paying job. Eliminate the job or shrivel the pay and - Poof! - consumerism goes away.
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
In the run-up to this Labor Day, I've noticed several CEOs, political pundits, and so-called economic experts saying they're confused as to why Americans are so down. Consumers should be out buying stuff, they say, for the economy is humming again. Just look at the key indicators: GDP is growing, corporate profits are high, the stock market is soaring, jobs are being created, the unemployment rate is steadily dropping, and people's disposable income is up. Yet, as the CEO of The Container Store recently grumped, consumers are in "a retail funk."
That's so cluelessly wrong, sir. Consumers (unlike you platinum-card members of the CEO Club) are in an income funk, meaning we have very little of the green stuff coming in. The bottom line is that Americans are down, because... well, because most of us are down. Yearly income for the typical household is $3,300 lower today than in 2007, when Wall Street barons crashed our economy. Or look at what's happened to the typical American family's net worth. It was nearly $88,000 ten years ago, but today it's down to $56,000 - that's more than a one-third drop, even though we're told that America is enjoying "a strong recovery."
And the picture is not getting any brighter, because a new normal has been imposed on America's workforce. Senor CEO has been gleefully slashing both jobs and pay, reducing the future of work to a low-wage, no-benefits, part-time, grind. One more number for you: 48. That's the percentage of adults who now hold full-time jobs - leaving more than half of us trying to make ends meet on part-time work.
The lesson for the Powers That Be on this Labor Day is that there is no species called "consumers." Rather, that creature is just a worker with a decent-paying job. Eliminate the job or shrivel the pay and - Poof! - consumerism goes away.
In the run-up to this Labor Day, I've noticed several CEOs, political pundits, and so-called economic experts saying they're confused as to why Americans are so down. Consumers should be out buying stuff, they say, for the economy is humming again. Just look at the key indicators: GDP is growing, corporate profits are high, the stock market is soaring, jobs are being created, the unemployment rate is steadily dropping, and people's disposable income is up. Yet, as the CEO of The Container Store recently grumped, consumers are in "a retail funk."
That's so cluelessly wrong, sir. Consumers (unlike you platinum-card members of the CEO Club) are in an income funk, meaning we have very little of the green stuff coming in. The bottom line is that Americans are down, because... well, because most of us are down. Yearly income for the typical household is $3,300 lower today than in 2007, when Wall Street barons crashed our economy. Or look at what's happened to the typical American family's net worth. It was nearly $88,000 ten years ago, but today it's down to $56,000 - that's more than a one-third drop, even though we're told that America is enjoying "a strong recovery."
And the picture is not getting any brighter, because a new normal has been imposed on America's workforce. Senor CEO has been gleefully slashing both jobs and pay, reducing the future of work to a low-wage, no-benefits, part-time, grind. One more number for you: 48. That's the percentage of adults who now hold full-time jobs - leaving more than half of us trying to make ends meet on part-time work.
The lesson for the Powers That Be on this Labor Day is that there is no species called "consumers." Rather, that creature is just a worker with a decent-paying job. Eliminate the job or shrivel the pay and - Poof! - consumerism goes away.