The 99%?
We are the 99% is a catchy phase that has developed some currency in our current social disruption. There has been a growing inequality of wealth in our country, but 99%?
This is just guesswork, but one could suggest that 10 to 20% of our populace still lead, relative to most other countries, very prosperous lives that are secure barring any disasterous economic meltdown globally. 50% or many more may live with some worrisome financial uncertaintly but are members of supportive communities and have food on the kitchen table every night and probably two cars. Another segment pays little or no taxes and receives federal benefits that sustain a paycheck to paycheck lifestyle that provides opportunity to their children. Unfortunately, there may be as many as 25% that are certifiably poor.
The 99% phrase is the mostly justifiable resentment that relates to the fact that a fraction of our population receive salaries, benefits, and inheritances that are well beyond what the history of our nation was built upon(well let's not forget the robber barons of the late 1890's early 1900's). With the lack of progress in our country over the last 30 years in many areas, these outsized asset concentrations by a small number of individuals are unjustified. They are the benefits of a system that has evolved over the last few decades and accepted as earned until recent years. That acceptance is now over, as unacceptable unemployment, underemployment, and economic stagnation has been the result. The justification of a "merit system" is not quite working anymore.
Exaggeration is a powerful message, but that's what the 99% is. We need better leadership, a functional Congress, a powerful executive branch, and a corporate business environment that is not dominated by shareholder returns. We need an executive management system that does not reward leaders with outsized returns based on "that's what we need to pay to get the best management". Much of management is either inept or blandly bureaucratic at best. Even the best do not deserve the compensation that steals from both their shareholders and their workers.
OWS is serving a purpose that hopefully does not go to extremes. The 99% is an extreme. Maybe it's a result of the marketing of hopes and dreams that motivate everyone to be rich.
It is certainly a result of the exceptional assets of the few as unemployment stagnates or will rise, and real middle class jobs with job security, decent salaries, and adequate benefits have deteriorated.
But let's face it, the 99% label is not a valid number. We are still a prosperous country but one with problems that we have not faced since the late 70's and early 80's. Some would say with problems since the 1930's but that is hopefully an exaggeration.
There is a tough road ahead, but this country is resourceful and in many ways community focused. 70% of Americans devote some time to charity work, and more to charitable giving. There is no country in the world like this.
OWS and soon, as was suggested here some weeks ago, Occupy Congress will be challenging events. I don't really pray, but I do in this instance pray that this can all be overcome by the strength of this country and the goodness of most of its citizens.
This is just guesswork, but one could suggest that 10 to 20% of our populace still lead, relative to most other countries, very prosperous lives that are secure barring any disasterous economic meltdown globally. 50% or many more may live with some worrisome financial uncertaintly but are members of supportive communities and have food on the kitchen table every night and probably two cars. Another segment pays little or no taxes and receives federal benefits that sustain a paycheck to paycheck lifestyle that provides opportunity to their children. Unfortunately, there may be as many as 25% that are certifiably poor.
The 99% phrase is the mostly justifiable resentment that relates to the fact that a fraction of our population receive salaries, benefits, and inheritances that are well beyond what the history of our nation was built upon(well let's not forget the robber barons of the late 1890's early 1900's). With the lack of progress in our country over the last 30 years in many areas, these outsized asset concentrations by a small number of individuals are unjustified. They are the benefits of a system that has evolved over the last few decades and accepted as earned until recent years. That acceptance is now over, as unacceptable unemployment, underemployment, and economic stagnation has been the result. The justification of a "merit system" is not quite working anymore.
Exaggeration is a powerful message, but that's what the 99% is. We need better leadership, a functional Congress, a powerful executive branch, and a corporate business environment that is not dominated by shareholder returns. We need an executive management system that does not reward leaders with outsized returns based on "that's what we need to pay to get the best management". Much of management is either inept or blandly bureaucratic at best. Even the best do not deserve the compensation that steals from both their shareholders and their workers.
OWS is serving a purpose that hopefully does not go to extremes. The 99% is an extreme. Maybe it's a result of the marketing of hopes and dreams that motivate everyone to be rich.
It is certainly a result of the exceptional assets of the few as unemployment stagnates or will rise, and real middle class jobs with job security, decent salaries, and adequate benefits have deteriorated.
But let's face it, the 99% label is not a valid number. We are still a prosperous country but one with problems that we have not faced since the late 70's and early 80's. Some would say with problems since the 1930's but that is hopefully an exaggeration.
There is a tough road ahead, but this country is resourceful and in many ways community focused. 70% of Americans devote some time to charity work, and more to charitable giving. There is no country in the world like this.
OWS and soon, as was suggested here some weeks ago, Occupy Congress will be challenging events. I don't really pray, but I do in this instance pray that this can all be overcome by the strength of this country and the goodness of most of its citizens.
posted by John Borden at 4:42 PM
3 Comments:
college loans to pay back.
So a few researchers in business and modeling/simulation at Old Dominion University in Norfolk are working on a model aimed at mortgage defaults. Surprising to me that voluntary defaults (people have money to pay the mortgages, but choose not to) are a significant portion of total defaults. Why? Because they feel part of a legitimate protest. What's next, college loan defaults by the thousands or millions? Maybe some of the OWS campers are English majors with $150k to pay back.
college loans to pay back in an environment with limited salaries in new jobs is no doubt an issue. I was 40 years old before I paid my master's degree loans back. Seemed normal to me at the time. I borrowed, I owed it. The comment about $150,000 owed for an English degree is extreme. How could that have happened. Who would have extended that credit without parental guarantees or collateral. That does not seem to me like a rational statement.
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