What Was Bothering RFK?
Just to put more pressure on Basel, consider the following:
Until 1975, wages nearly always accounted for more than 50 percent of the nation’s G.D.P., but last year wages fell to a record low of 43.5 percent. Since 2001, when the wage share was 49 percent, there has been a steep slide. (Steven Greenhouse, “Our Economic Pickle,” N.Y. Times, Jan 12, 2013)
Thus, in 1968, when Robert Kennedy made his speech about “wealth,” the drop in wages as percent of GDP, which is at the heart of today’s growing economic inequality, was not yet a problem. Indeed, looking back we can now see that in 1968 wages were peaking. http://www.dailykos.com/story/2012/12/03/1166878/-Corporate-profits-are-highest-ever-share-of-GDP-while-wages-are-lowest-ever
So what was bothering RFK?