How American Society Unravelled After Greedy Elites Robbed the Country Blind | Alternet

How American Society Unravelled After Greedy Elites Robbed the Country Blind | Alternet.

 

 

In Youngstown, Ohio, the steel mills that had been the city’s foundation for a century closed, one after another, with breathtaking speed, taking 50,000 jobs from a small industrial river valley, leaving nothing to replace them. In Cupertino, California, the Apple Computer Company released the first popular personal computer,  the Apple II. Across California, voters passed  Proposition 13, launching a tax revolt that began the erosion of public funding for what had been the country’s best school system. In Washington, corporations organised themselves into a powerful lobby that spent millions of dollars to defeat the kind of labour and consumer bills they had once accepted as part of the social contract.  Newt Gingrich came to Congress as a conservative Republican with the singular ambition to tear it down and build his own and his party’s power on the rubble. On Wall Street, Salomon Brothers pioneered a new financial product called  mortgage-backed securities, and then became the first investment bank to go public.

The large currents of the past generation – deindustrialisation, the flattening of average wages, the financialisation of the economy, income inequality, the growth of information technology, the flood of money into Washington, the rise of the political right – all had their origins in the late 70s. The US became more entrepreneurial and less bureaucratic, more individualistic and less communitarian, more free and less equal, more tolerant and less fair. Banking and technology, concentrated on the coasts, turned into engines of wealth, replacing the world of stuff with the world of bits, but without creating broad prosperity, while the heartland hollowed out. The institutions that had been the foundation of middle-class democracy, from public schools and secure jobs to flourishing newspapers and functioning legislatures, were set on the course of a long decline. It as a period that I call the Unwinding.

Advertisements

2 thoughts on “How American Society Unravelled After Greedy Elites Robbed the Country Blind | Alternet

  1. Still, the conversion of settlement land for poor, southern American families in the Columbia Basin of Washington into highly-subsidized land for large industrial farmers shows that this kind of thing has been going on for awhile. That they have the gall to claim that their success is due to their superior methods, instead of to the Grand Coulee Dam and all the funding that poured into it, is a bit much, but it’s the way it is. Perhaps the seeds of this unwinding were laid in other areas, and what we have seen more recently is the fruit? But, let’s let your wisdom prevail on this one. Just an observation.

    • Of course this process of deindustrialisation is well known in BC too, we used to have many fish canneries on the coast, sawmills all over the province, and never a problem to find work in the old days when money flowed freely in the rural areas.
      Do you remember the days before big contractors and centralised lumber conglomerates, before the money started to flow to the Eastern banks to invest in mechanisation, and jobs disappeared?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s