On June 2, 2012, Joe Weisenthal writes in the Business Insider:
“Here’s another nugget from yesterday’s personal income & spending report, which generally came in line with expectations.
“Rental income continues to blow towards the moon.
“With more Americans renting than ever before, the dollars accrued to property owners is surging.”
President Obama stated: “What’s at stake is whether this will be a country where working people can earn enough to raise a family, build a modest savings, own a home, and secure their retirement.” As long as working people are limited by earning income solely through their labor worker wages, they will be left behind by the continued gravitation of economic bounty toward the top 1 percent of the people that the system is rigged to benefit. Working people and the middle class will continue to stagnate, resulting in a stagnated consumer economy. More troubling is that this continued stagnation will further dim the economic hopes of America’s youth, no matter what their education level. The result will have profound long-term consequences for the nation’s economic health and further limit equal earning opportunity and spread income inequality. As the need for labor decreases and the power and leverage of productive capital increases, the gap between labor workers and capital owners will increase, which will result in more dominance by property owners.
