Global Depression? September 22, 2008

In 1929, the richest 1 percent own 40 percent of the nation's wealth.

Individual worker productivity rises an astonishing 43 percent from 1919 to 1929. But the rewards are being funneled to the top: the number of people reporting half-million dollar incomes grows from 156 to 1,489 between 1920 and 1929, a phenomenal rise compared to other decades.(955% increase)

Organized labor declines throughout the decade.

"Technological unemployment" enters the nation's vocabulary; as workers are replaced by automatic or semi-automatic machinery.

Over the decade, mergers will swallow up more than 6,000 previously independent companies; by 1929, only 200 corporations will control over half of all American industry.

By the end of the decade, the bottom 80 percent of all income-earners will be removed from the tax rolls completely. Taxes on the rich will fall throughout the decade.

Present Day (1995-2005)

In the United States, the richest 1 percent of households owns 38 percent of all wealth.

USA worker productivity increased from 1995 to 2005 by 20%; the number of people around the world with at least $1 million in assets passed 10 million for the first time last year, according to a report. One in three was American.

Organized labor declines throughout the decade.

"Outsourced" enters the nation's vocabulary; as workers are replaced by automatic or semi-automatic computer controlled equipment, or their job is transferred overseas.

The top 50% of tax payers pay 97% of income tax, while bottom 50% pay 3% and account for 13.9% of income.

The government does not want to use the D word, but the signs are there...how can a country absorb 11 TRILLION dollars of debt? Thats a little over $36,000 for ever person in the USA ...

And while i am no economist, it seems to me that congregating wealth in corporate consolidations, and awarding multi-million dollar retirements to CEO's of failed enterprises seems , well, wacky to me. When was the last time you heard of someone getting fired AND collecting a bonus for it?????(If that was the case, why am I not more wealthy...I got fired plenty back in the days)

Now there is talk of the next bailout, the car industry...meanwhile, in my life, my house has gone up in value to 3 x the price I paid for it, only to float back down to what we paid for it 11 years ago...so much for real estate being a good investment for nearing retirement...

Mark my words, if Social Security is privatized, there really wont be any...lets see, no equity left in house, no Social Security, pension has shrunk...I guess retirement is now just a myth, right?

I do NOT look forward to working into my senior years