Wednesday, 29 October 2008
Things Really Were Better When I Was Your Age
Anne Pettifor of debtonation provides this wonderful graph. To me it suggests two things:
1. There is a lot of mileage in the Marxist/Left Keynesian idea that our easy credit economy has developed to head off what would otherwise have been falling demand as working class people have lost ground in respect of their share of the national cake.
2. The workers have never had it so good, at least relatively speaking, as in the early-mid 1970s. As the son of manual workers who hit puberty at that point I can't but help find this obscurely comforting. Things really have been downhill ever since...