Low wages and debt go together to make the 1 percent very, very rich. To begin with, the rich pay the wage slaves very little, which then promotes the toilers to use debt to survive. Case in point, with no extra cash for repairs and a broken washing machine, for example, the cost to repair the machine is a one-time large cost that seems greater than buying a new machine for a low monthly payment. This way, the 1 percent makes more money in two ways and makes the toilers actual wage slaves. This enslavement starts very early with school debt so that young workers start out in debt with an average of $31,000 to $100,000 and higher depending on the field of study, which, without a very good paying job, leaves them as wage slaves for many years. We are nearing the end of economic/industrial growth, primarily, but not only for ecological reasons. When growth stalls, lending opportunities disappear. Since money is essentially lent for existence, debt levels increase faster than the supply ...
This blog is a quick read about concerns, whether local or international, facing union and non-union workers.