Economic thoughts of a great Federal Reserve Board chairman from 1934 to 1947: Chairman Marriner S. Eccles was way ahead of the times regarding the workings of the economy. He was a millionaire by the age of 24 and a tycoon by age 40. When conventional logic was for austerity during the Great Depression, he reasoned that investments in jobs take place in a climate of high prosperity for when the purchasing power of the masses increases the demands for a higher standard of living enables them to purchase luxury items. At this time we have millions of our people who don’t have enough purchasing power for even their barest needs. Eccles is one of the architects of the New Deal, despite being a wealthy man.
Just like today, back in the 1930s, some business leaders believed that a depression was the God-given scientific operation of economic laws and not manmade. These laws could not be interfered with because they represented the biblical story of Joseph and the seven bountiful years followed by seven years of famine. Another falsity was that austerity would solve the depression, which was, not surprisingly, also proven wrong.
Eccles proposed a minimum wage, higher income taxes, and inheritance taxes on the wealthy in order to control capital accumulations, which creates oligarchies who then can literally buy the government thereby making them even richer. Eccles worked with great vigor for the welfare of that average people. He became one of the architects of the Great Prosperity that the nation and much of the rest of the world enjoyed after World War II.
So, will the new Fed Chair Janet Yellen be as good as Eccles? We, wage slaves, and retired people can only hope. Also, will she support a minimum wage increase of $15 to $18 an hour, which will jump start the economy?
In 2026 unions worldwide must educate and expand their memberships or face certain death. We need to educate our workers to understand that the republican party does not care about, does not deserve their support or votes and only cares about the billionaires. The GOP is their enemy and not their friends. The GOP and billionaires are the workers’ enemy. They want the workers’ sweat and blood for as cheap as they can get it. These greedy people and their insatiable appetite for more leaving us with much less will not stop until we’re forced to work for scraps and fighting each other for the pittance. They will not invite you to golf with them or go hunting or to dinner with them. In fact, they are always in pursuit of ways to destroy our unions and the way of life we’ve obtain by being union. One way they are doing this is to use the court system, especially the lop-sided Supreme Court, to take away our union rights and to get more states to vote for The Right to Work, which leaves work...
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