The Go-Go Sixties fed off the climax of the post-World War II boom. This boom came about as the result of the massive destruction of capital during the Second World War. The U.S. industrial plant was untouched and was greatly expanded by the war. That and forced savings put the U.S. in a position to help re-build Europe, in particular, so there’d be a market for American goods.
The boom lasted longer in the States because of Vietnam war spending. But the inevitable crash caught up to Uncle Sam by the middle of the 1970s. In fact, the Seventies started off with a series of wildcat strikes across the country as workers sought to defend themselves against the growing inflation. Then the crash came. It was the most severe downturn at that time since the the Great Depression of the Thirties.
The Seventies also saw an extended ‘bear market’ on Wall Street. This reflected the fact that business profits were half of what they were in the Sixties.
Business retaliated by launching what Doug Frazer, then President of the United Auto Workers, called a one-sided Class War against American workers.
The Nixon Regime got the ball rolling with open union busting. The National Labor Relations Boards and other organs of the State were stuffed with anti-labor cretins of the worse sort.
But the worst damage occurred in 1973 when the Free Trade Regime began. This would begin to place American workers in competition for their livelihood with every coolie on the planet. The over-valued dollar of the Reagan Regime–a continuation of Jimmy Carter policies with Paul Volker at the FED–was the signal to start shipping increasing chunks of the American industrial plant over seas. The industrial working class literally started to be driven out of existence by “Morning in America.”
The increasing inflation of the Nixon years caused the massive entry of women into the workforce. This was motivated less by feminist ideology than by sheer economic necessity. Be that as it may, it had a depressing effect on overall wages.
Liberals had achieved their wet dream of overhauling the immigration laws in 1965. But they were forced to limit overall immigration numbers to 250,000 per year. But that went out the window with the onset of the Reagan Regime. In a payback to Reagan’s agribusiness supporters, the border with Mexico was no longer guarded very well. Reagan’s successor, the first Bush, would raise ‘legal immigration’ to 1,000,000 per year. The impact on wages was devastating; black workers suffered most of all.
Save the Working Class to Save America! There can be no economic recovery without restoring our manufacturing base. The only taxes that should be raised are tariffs. This would mean going back to the American System of Alexander Hamilton, Henry Clay and Abraham Lincoln. This means reading Friedrich List instead of Milton Friedman. This means guarding the border with a division of troops brought home from overseas. This means a drastic curtailment of immigration. Nationalizing the FED and hanging a few bankers would send a good signal. So would repudiating the debt rung up by Dubya and Obama.
Do I hear silence from both Democrats & Republicans? Silence as well from the Tea Party which has become the GOP in drag.