Nov. 4, 2010 (New York In These Times) -- The U.S. midterm elections register a level of anger, fear and disillusionment in the country like nothing I can recall in my lifetime. Since the Democrats are in power, they bear the brunt of the revulsion over our current socioeconomic and political situation.
More than half the "mainstream Americans" in a Rasmussen poll last month said they view the Tea Party movement favorably -- a reflection of the spirit of disenchantment.
The grievances are legitimate. For more than 30 years, real incomes for the majority of the population have stagnated or declined while work hours and insecurity have increased, along with debt. Wealth has accumulated, but in very few pockets, leading to unprecedented inequality.
These consequences mainly spring from the financialization of the economy since the 1970s and the corresponding hollowing-out of domestic production. Spurring the process is the deregulation mania favored by Wall Street and supported by economists mesmerized by efficient-market myths.