Remember that the main failure of neoliberalism is, ultimately, that by denying the middle classes the income need to keep on buying, it kills off growth and makes things worse even for the rich. That was court-circuited in recent times by boosting debt, which allows the middle class to go on consuming without income growth.
No raises-> houses as ATM's now we have a house crash-> no one has any money-> demand crisis.
It is all so clear and obvious that I worry we must have missed something fundamental.
I mean, no one* I talk to knows about these things, but when I argue for it everyone agrees at once.
* I asked my father who teaches business how much he thought real wages had risen in the US for the lower 90 % in 1976-2006. He guessed 30 %... Peak oil is not an energy crisis. It is a liquid fuel crisis.
He guessed 30 %...
It was ever thus. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
