The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1934-03-19
Capitalists Now
Swallow 66 P. c. of
National Income
" erkers Wages Beaten
Down to l-3 of go,
Report Shows


NEW YORK. 49, The economic
crisis is smashing down on the
wages Of the working class at least
twice as hard as it is affecting the
huge incomes OF the millionaire
bondholders, coupon clippers, divi-
dend collecting stockholders, land
lords, bankers, etc, etc, an official
United States survey Of the Depart
ment Of Commerce reveals.
While interest payments to Wall
Street bondholders have been rising
steadily even through the bitter
years Of crisis since 1929, and divi-
dend payments have been sharply
lacked up by the fat profits pro-
vided for the employers during the
last year by the siave-driving NR.A.
codes. me wages OF the working
class Of this country were slashed
80 per cent, bringing them to about
20 per cent Of their 1929 level, the
Government report reveals.
During this period income derived
solely from the possession of proper
ty declined by less than 30 per cent.
This latter figure does not reveal
the rising interest payments to
oondholders.
Thus for every dollar of decline
in property income to landlords, etc,
etc, the workers have had their
wages cut BY at least two dollars,
under the Hoover and Roosevelt ad-
ninistrations.
Wealth Concentration
The enormous concentration Of
wealth into the hands of the Wall
Street clique of finance capital since
the crisis began has been just re-
vealed in a study of national in
come by Robert r. Doane in a book
called The Measurement of Amer
lean Wealth" This study reveals
that since the crisis began Wall
Street monopoly corporations bet
tered their position by gobbling up
at least 20 per cent more Of the
Total national wealth.
DOane calls this terrific oOnoen-
book gives further remarkable
confirmation Of the analysis OF
Karl Marx regarding the steady
concentration of wealth as a re-
suit of crisis. Doane reveals that
whereas three years ago, the cap
ltalist class, constituting less than
! per cent Of the population,
owned SO per cent Of the coun-
try's wealth. now, as q result of
the crisis and government actions,
this l per cent Of the population
now owns at least SO per cent of
the country's wealth.
This handful Of capitalists actual
Y rule the country through their
dictatorship, the capitalist dictator
ship. They control the entire gov
srnment apparatus as well as the
press, the movies, the radio, schools,
and the Army and Navy.
In 1929 Wall Street monopoly
corporations we're swallowing al
most 80 per cent of the total ma
hOnal wealth. Under the effects
Of the crisis and the N.R.A., Wall
street corporations are now swsl-
lowing more than s6 per cent of
the national income.
Deane calls this terrific concen-
Of
the record breaking time of less
than 48 months 'the most rapid.
drastic, and gigantic dissipation,
Redistribution of capital that has.
in all probability, taken place in
so short period in the history
of modern times"
These figures are vivid express
sion of Lenin'S description of
American capitalism in his Letter
to American Workers" as a "eoun-
try where handful of billionaires
wallOws In luxury while the vast
majority Of the population lives
in hunger and misery" Lenin
arged the American working class
10 take the road Of revolutionary
struggle against this capitalist
ruling class and set up its own
Soviet Government as the work
ers of the Soviet Union did In the
October Revolution of 1917. The
Communist Party today leads the
struggle for this revolutionary
overthrow of the capitalist minor
ity who rule the vast toiIing
majority.
The Roosevelt NR.A. program i.
sccelerating this process Of concen-
tration to a large degree. Recent
reports of profits reveals that since
last March, the Roosevelt New Deal.
NR.A. program has raised the re-
turns Of $40 Wall Street monopolie,
from deficit of s45, 900 900 in 1885,
to profit of over $40 900, 900 ir
1898.
Since Roosevelt took Office. the
real wages of the entire American
working class declined by at Least
II peE cent.