GLOBALIZATION AND THE RICH

FRANK (2006) BUSINESS WEEK/ 2/27/ 104

Globalization is not very popular in the United States and elsewhere. However, Globalization adds one trillion dollars to the American value. Thus, each family should have an ADDITONAL $9,000

to their income. So what is happening? Wages stagnate, jobs are lost, health pensions fade, quality and quantity of life head for the toilet. There is a tension in the culture. Will you be fired next?

If the additional annual income is upped by $9,000 that makes the AVERAGE INCOME go to

some $70,000 a year. However, most of the additional revenue go to the top 2%. So if you look at the MEDIAN income that is less skewed by the rich, it is $40,000 a year. Money is being flushed up from the middle and the bottom.

Ultimately, folks will not be able to vote for the wedge issues and will head for the party that will give them some financial security and financial reward. In the mean time, the boss treats you like dirt, lays you off and rewards himself with millions of dollars.

Buddy can you spare a dime?