Happy New Year ... 2001

I saw the movie 2001 when it came out. I remember being curious about how life would be in 2001. And 2001 is upon us. The past two months have been historic in the history of the Presidency. Our church has been through a Jubilee Year. So what promise and possibility does the New Year Offer? Here's my suggestion: Catholic communities can re-dedicate themselves to learning and applying Catholic Social Teaching on the economy, the right to organize for the purpose of collective bargaining and the common good, and the virtues of social justice, kindness, compassion, forgiveness, and love (even enemies and out-laws).

Here's a question. Which decade was better for average Americans: the 1960s when the gap between the rich and all others narrowed or the 1990s when the gap between the rich and others widened?

1960s boom Comparison 1990s boom

106 months, Months of continuous 109 months,

starting Feb '61 economic growth starting March '91

up 39.7% Median Family income up 3.9% through '98

up 28.2% Inflation up 33.5%

up 31.8% Productivity up 21% thru 3 Q '99

Lowest point: Unemployment Lowest point

3.4% 4.1%

up 52.8% Economic Growth up 36.6%

people in Poverty people in

poverty down poverty down

10.3 points 0.1 points

to 12.1% to 12.7%

15.3 hours Hours of work to pay 80.8 hours

for a day in the hospital

For the record - about half of all households do not own stocks, not even in mutual funds, or pensions plans, or IRS's, or 401 k's. The richest 1% own more than 40% of all stock. - Top executive salaries now equal more than 450 times that of the average worker - vs. 42 time greater in 1980. - 82& of the highest paid 20% of the workforce enjoy coverage in employer financial health insurance and 73% are included in employer finance pension plans. Only 16% of the lowest paid 20% are in employer pension programs and only 30% enjoy employer underwritten health insurance. America needs a raise in 2001. Happy New Year!