| The people who produce the goods and services should receive the lion’s share of the profits those goods and services generate. Investors are due what remains. |
| “Abraham Lincoln said, ‘Labor is the superior of capital, and deserves much the higher consideration.’ [see below] Source: DeanForAmerica.com - "The Fight for Working Families" -- 9/1/03 According to a report for the Center for American Progress by Christian Weller and Radha Chaurushiya: "The distribution of economic gains is upside-down in this recovery, compared to previous ones. Profits received a larger share of national income than wages. Hence, profits soared to new record highs amid the first 'job loss' recovery since the Great Depression. Adding to families' woes were rapidly rising costs; housing education and medical care jumped at double-digit rates in recent years. To maintain consumption levels, many families borrowed more. However, the debt is taking its toll. Families are being squeezed as they have to repay more and more debt, while the labor market is still trying to find its foothold. Many households lose this struggle and default on their loans, leading to serious ramifications for the economy. ... For the first time in a recovery, the share of additional income that has gone to corporate profits is greater than the share that has gone to employee compensation -- i.e., wages and benefits." Source: "Going Strong -- SEC settlement illustrates the 'we work harder, they get the money' Bush recovery" by Mollly Ivins - 6/1/04 Here is the entire quote: “Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration. Capital has its rights, which are as worthy of protection as any other rights. Nor is it denied that there is, and probably always will be, a relation between labor and capital, producing mutual benefits. The error is in assuming that the whole labor of community exists within that relation.” From Abraham Lincoln's Annual Message to congress (the forrunner of our modern day State Of The Union address - 1861 Source: "The State of the Union Is Bad" By TED WIDMER - NY Times - 12/3/11 |
No one has submitted a comment on this statement yet.
Be the first and submit your feedback below.
Submit your comment below |