The problem with the economy is that working people haven't sacrificed enough. We paid for the bailouts of the wealthy, we've accepted stagnant wags and declining living standards, we've cheered the stock market gains that have increased income and wealth disparities to dizzying 1920s levels, and we think that's enough.
Well, we're wrong. Echoing the sentiments of the ruling elite all over, a big time investor quoted by Yahoo News said today,
"Clearly there is a problem in Europe. France and Italy are the EU's second- and third-largest
economies and they are refusing to make the necessary structural
changes. Both need structural labor reforms."
"Structural reforms" means lower wages, lower living standards and cuts to social services, and even lower taxes on the rich. It's what they say in Europe when they're talking about Reaganomics, Thatcherism, The Washington Consensus. what Democrats and Republicans are doing here. It's all the same thing. It's the way it is now.
Working people, listen up: If you want things to get better for the rich you're going to have to sacrifice.