"America’s CEOs found relief in the theories of an insurgent wave of neoclassical economists pioneering a model of capitalism that came to be known as “neoliberalism.” What emerged was a political project aimed at restoring the full-throated power of the wealthy, whose playbook included: decreased public spending, greater privatization, increased deregulation of banking and financial markets, slashed taxes, and pulverizing attacks on organized labor.
Since then, our economy has indeed been reshaped. At the bottom, growing parts of the workforce are now non-unionized, low-wage, often part-time, and regularly without benefits like health care, paid sick leave, or retirement plans. This labor crisis has been accompanied by an unprecedented $15 trillion-plus in personal (including mounting medical and student) debt. As a result (as I wrote in 2021 with Astra Taylor), 'millions of Americans aren’t just poor; they have less than nothing. The American dream is no longer owning a house with a white picket fence; it is getting out of debt. In one of the richest countries in the world, millions of people now aspire to have zero dollars.'" -
Liz Theoharis
Feb 10, 2023 · 11:33 PM UTC
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