As the United States draws closer to becoming a nation with people of color in the majority, it is also moving into an economic and social program of privatization, cuts in social programs and real wages, restrictions on unionization, a focus on investment in export industries, an emphasis on balanced budgets, and a re-valuation of its currency.
In most of the developing world, this program is called “structural adjustment.” It is a bitter remedy often prescribed by the World Bank and the International Monetary Fund after economic speculation and the looting of national wealth by a narrow elite has driven a country into near or actual bankruptcy. While it’s ironic that the prescription is being written by the same Wall Street banks that conducted the looting in our country, this is the way the global North has treated the global South since World War II.
It’s increasingly apparent that Wall Street executives see the working population of the United States as some sort of “other,” very much as the colonial empires of the 20th century viewed the people of their colonies in Africa, Asia, Latin America, or the Middle East. This has always been true to some extent, but with the crash of the latest global pyramid scheme, has become ever more critical for the top tier to reap more of their income at home.
That the future retirees who are most likely to lose their pensions are workers of color is no coincidence.