Re: [OPE] David Harvey on stimulus failure

From: Gerald Levy <>
Date: Fri Feb 13 2009 - 12:10:13 EST

Paul C: You asked some questions. Preliminary replies follow:

Q: Do they really?

A: Yes, but most working-class households in the US don't at the present time.
      Remember that I made a claim about a 'significant' *segment* of the working
      class, not about average savings/working class household as a whole. I
      think you also have to look at savings by *age distribution* to see the

Q: In cash, or deposit accounts?

A: More in demand deposit accounts, obviously, than in currency
    in circulation squirreled in pillows, etc. There would be some differences
    here also, depending on which segment of the working class you are
    talking about. E.g. low income workers who are part of the 'underground
    economy' would tend to have their savings in cash. Some indication about
    whether those savings are positive can be seen by looking at the transfer
    of monies from these workers to family members living abroad.


What I think is needed are demands which unite the class, not by taking monies
away from one segment of the class, but by raising the standard of living of all workers.

Also, on a practical political note, I don't think that in the US the idea of limiting
savings to $10,000 (or thereabouts) but ensuring that all workers have a pension is
going to find support even among most workers with _negative_ savings. Why that
is the case is an interesting issue in social psychology under capitalism.

In solidarity, Jerry

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Received on Fri Feb 13 12:19:07 2009

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