An important circumstance of the current downturn is its relation to a long-term trend: the situation of the average working-class household is essentially worse than it was thirty years ago. Real hourly wages have barely risen, hours worked by members of households have increased, and economic inequality is much sharper. This relentless trend over so many decades is something new. The decline has appeared through the ups and downs of the accumulation cycle. We recall the jobless recovery of the early 1990s. It is true that in the last three years or so, the working class did make some wage gains; now the downturn has already begun to reverse them. The current crisis occurs within this new historical setting. Our response requires attention to the fact that while capitalism still develops production, it now does so in a way that lifts up no more than 20% or so of the population, unlike the more broadly based waves of accumulation prior to 1970. Charles Andrews Web site for my book is at http://www.LaborRepublic.org
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