The Occupiers' Responsive Chord

Mitt Romney is defensive about his vast wealth (reputed to total a quarter of a billion). He's reverted to scolding his audiences on the campaign trail for "attacking people based on heir success."

The old view was also that great wealth trickled downward -- that the rich made investments in jobs and growth that benefited all of us. So even if we doubted we'd be wealthy, we still gained from the fortunes made by a few.

But that view, too, has lost its sheen. Nothing has trickled down. The rich have become far richer over the last three decades but the rest of us haven't. In fact, median incomes are dropping.

Wall Street moguls are doing better than ever -- after having been bailed out by the rest of us. But the rest of us are doing worse. CEOs are hauling in more than 300 times the pay of average workers (up from 40 times the pay only three decades ago), as average workers lose jobs, wages, and benefits.

Instead of investing in jobs and growth, the super rich are putting their money into gold or Treasury bills, or investing it in Brazil or South Asia or anywhere else it can reap the highest return.

Meanwhile, it's dawning on Americans that in the real economy (as opposed to the financial one) our spending is vital. And without enough jobs or wages, that spending is drying up.

The economy is in trouble because so much income and wealth have been going to the top that the rest us no longer have the purchasing power to buy the goods and services we would produce at or near full employment.

The jobs depression shows no sign of ending. Personal disposable income, adjusted for inflation, was down 1.7 percent in the third quarter of this year -- the biggest drop since the third quarter of 2009. Housing prices have stalled, home sales are down.

The only reason consumer spending rose in September is because we drew from our meager savings -- mostly in order to pay medical bills, health insurance, and utilities. That's the third month of savings decline, according to the Commerce Department's report last Friday.

This can't and won't continue. Savings are now down to 3.6 percent of personal disposable income, their lowest level since the recession began.

Americans know a rigged game when they see one. They understand how much money is flowing into politics from the super rich, big corporations, and Wall Street -- in order to keep their taxes low and entrench their privileged position.  

The Occupy movement is gaining ground because it's hitting a responsive chord. What happens from here on depends on whether other Americans begin to march to the music -- and organize.