One percent of our population constitutes the plutocracy in this country who control Wall Street investment firms, the banks, the mortgage industry, the insurance industry, and other major global corporations. They buy influence in Washington through the auction-house called Congress.
Over a few decades, the mega-wealthy have managed to stack the deck in their favor through successive bits of legislation, litigation, changes to regulatory practices and the tax code. This manipulation has resulted in the distribution of income in the US becoming lopsided in their favor, the most inequitable since 1928, just before the Great Depression. (Ref: Economic Policy Institute, Analysis of CBO Data). Because of the deregulated environment constructed via their influence, they were able to create a financial house of cards, take as much as they could reap from it; and then – when it collapsed, come back to the Federal trough to get bailed out. All while being praised as job creators.
What a business model: use the baby boomers mega savings in 401K accounts as the capital to fuel it, privatize the mega-profits, democratize the losses; and oh, by the way – too bad for the boomers retirement savings screwed over in the process.
The result of all this is that today we live in a society made for them, not for us. It’s their world, not ours. If we’re lucky, they’ll let us work in it so long as we don’t question the extent of their charity. But if something doesn’t pass muster with this elite “virtual plutocratic senate”, it either isn’t going to happen, or it will be shut down through divisive tactics, manipulation, or unfavorable attributions like a “mob action”, “un-American”, “class-warfare”. Sound familiar?
But the other 99 percent in this country has finally decided that it will no longer be silent. As I first wrote here on September 25, a small group began to assemble on Wall Street to let the 1 percent know just how frustrated they are with living in a world made for someone else. It was started largely by our disenfranchised youth, always an early warning indicator that trouble may brew ahead. Look at Egypt with a youth-unemployment rate at about 25%, on par with the rest of the Middle East and Northern African (MENA) countries where we have witnessed the Arab Spring. In the West, Britain has a youth unemployment rate of 20% and Spain is on the order of 40%. (Source: The Economist, Schumpeter Business & Management, February 2011) The US is in the same league, so don’t let American hubris cause you to think we’re any different. Arab Spring, American Autumn.
The Occupy Wall Street movement (can we call them the “Z” party – based on their Zuccotti Park home base?) has grown and continues to do so. “We are the 99 percent” is the creed, and every city is sprouting its own rendition – Occupy SF Occupy Omaha, Charlotte, Los Angeles, etc. What was three weeks ago a group of mostly young people camping out on the streets has morphed into something different: a movement for people of varying ages, life situations and grievances. Unions of teachers, transportation workers, manufacturing occupations and nurses are joining in. Baby boomers are joining too, while trying to reconcile how we’ve gone full circle from hippie movements of the 1960s and ’70s to “Zippie” movements forty years later.
The common denominator is that the majority in America — the “99 percent”, isn’t getting a fair shake. The 99 percent is not a “mob”, “un-American”, or a radical group of misfits. It is us, just looking for a fair shake. We, the NQR generation, should realize this more than anyone because we have experienced a better America. We have every reason to get involved and drive change. It’s the right thing to do.
Economic Policy Institute
NQR 