Why I Support Occupy Wall Street

"View in Wall Street from Corner of Broad...

Occupy Wall Street? Image via Wikipedia

I came across this blog post today and found the comments insightful and a realistic voice of outrage and injustice to the economic situation we are living in today. All in all, it seems that a grass roots movement has brought to the forefront what is and has been an “income equality” justice issue. What are your thoughts?

Why I Support Occupy Wall Street
I was disappointed to read a tweet from one of my favorite religious authors, Len Sweet: ‘Isn’t the way to really “Occupy Wall Street” to buy stocks and become shareholders?” Actually, my mouth fell open as if I was watching a Republican primary debate. From what place of privilege does a statement like that emerge?

Of course, a “publicly owned” company allows the shareholder to have voice within a company, but there is too much broken within this system to really allow the other 99% to even own stock, much less to have a voice.

A recent report in Business Insider summed it up pretty succinctly:
1. With a brief except in 1980, unemployment is at the highest level since the Great Depression [Unemployment. Three years after the financial crisis, the unemployment rate is still at the highest level since the Great Depression (except for a brief blip in the early 1980s)]
2. At the same time, corporate profits are at an all-time high [Corporate profits as a percent of the economy are near a record all-time high. With the exception of a brief happy period in 2007 (just before the crash), profits are higher than they’ve been since the 1950s. And they are VASTLY higher than they’ve been for most of the intervening half-century.]
3. Wages as a percent of the economy are at an all-time low.[In short… while CEOs and shareholders have been cashing in, wages as a percent of the economy have dropped to an all-time low.]
4. Income and wealth inequality in the US economy is near an all-time high [In fact, income inequality has gotten so extreme here that the US now ranks 93rd in the world in “income equality.” China’s ahead of us. So is India. So is Iran.]

Take a look at this graph which shows how CEO salaries have skyrocketed in the past 20 years while worker wages have had an incremental increase:

Read the complete article by Karen Oliveto on her blog here: “INTO THE DEEP END


3 thoughts on “Why I Support Occupy Wall Street

  1. Pingback: India To Witness a ‘Dalal Street’ Movement? | Murali

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