Surviving Capitalism (Not) : All the economics news that’s not fit to print

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Wednesday, June 26, 2013

All the economics news that’s not fit to print

Click here to access article by David Ruccio from Real-World Economics Review Blog.

click on graph to enlarge, "esc" to return

...they [The NY Times] missed the fact that the labor share (technically, the share of income going to labor in nonfinancial corporations) continues its downward spiral since the crash of 2007-08. ...they also missed the fact that the labor share remains (after a slight uptick) lower than at any point since 1947.

The author provides the graphs for, and a synopsis of, an excellent article, which I highly recommend, posted by David Cay Johnston on The National Memo. The latter provides the stark reality that lies behind the information that the NY Times is willing to report.

This is one more illustration of how our nation's leading newspaper manages the news to serve the interests of the One Percent ruling class. This publication signals all the rest of the media executives on what and how to report information in their media.