40 Years Of Workers Left Behind (CHART)

[HiPointDem]

15. not a perfect storm, if by perfect storm you mean unavoidable natural phenomenon. Actually,

the causes of the post-60s "reconstruction" were much the same as the "reconstruction" we're going through today:


Along with the 68 revolt came a financial crisis within the credit institutions that, through debt-financing, had powered the property boom in the preceding decades. The crisis gathered momentum at the end of the 1960s until the whole capitalist system crashed, starting with the bursting of the global property-market bubble in 1973, followed by the fiscal bankruptcy of New York City in 1975. As William Tabb argued, the response to the consequences of the latter effectively pioneered the construction of a neoliberal answer to the problems of perpetuating class power and of reviving the capacity to absorb the surpluses that capitalism must produce to survive. [5]

http://newleftreview.org/?view=2740