Posted 7 years ago on Sept. 21, 2012, 5:13 p.m. EST by VQkag2
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A ‘Lost Decade’ for the Middle Class Caused by Conservative Policies
The latest edition of the Economic Policy Institute's "State of Working America" report, out today, documents in sharp detail what has been for the middle-class economy a "lost decade" in which working people have fallen behind. But what's more disheartening is its prediction that without radical change "nearly two decades likely will pass before American incomes regain lost ground and return to their 2000 levels."
The report makes clear what has been robbed from low- and middle-income people as a result of conservative policies that have their roots in the early 1980s, as the country turned from balanced growth policies in which labor and capital profited more or less in tandem to government policies that advantaged corporations and the wealthy at the expense of workers.
As a result of these policies, the report notes, "the business cycle preceding the recession [of 2008-2009] was already shaping up as a lost decade for American
incomes," with median household incomes falling 6 percent during that period. But when the Great Recession hit, median income of working-age families fell another 7.1 percent between 2007 and 2010.