This movement isn’t unique to Wall Street, New York City, or the U.S. It didn’t start here, and it won’t end here. The problem is, after decades of prosperity, higher incomes and improving standards of living things are changing in post-industrialized nations. A few months ago we witnessed similar demonstrations in Greece, Great Britain, and Spain. An economic squeeze is unfolding in the “first world” countries and the middle/working classes are feeling it most.
In America our unemployment rate is stubbornly above 9%, over 46 million are now living below the poverty line, and the median household income has slid almost 7% since the 2000 Census. Demonstrators are showing their fear and anger by blaming the banks and big corporations for their greed and lack of social responsibility.
But are the Wall Street corporations responsible for the pain? Perhaps, but in other countries the blame has gone to the government. After all, the government imposes taxes, regulations and oversight. If big business has gone wild, where have the regulators been? I think we know the answer: big government and big business are in bed together, not literally, although in some instances that might be true too!
The social and economic inequality may not have reached the “let them eat cake” level, but social unrest is fermenting in civilized western democracies. Our leaders need to pay attention.
