Another voice about the reality of our current economy. For what it’s worth, people like Paul Craig Roberts were predicting over a decade ago that we were headed for third-world status if we didn’t address off-shoring and the death of middle-class employment. A nation of Walmart Greeters and hospital orderlies cannot pay for the huge military juggernaut we have, let alone cover the FICA costs of the Boomer generation. and the disconnect between salaries and productivity can’t be called out often enough. As for the racism that made this possible, not nearly enough has been written.
by Lynn Parramore, April 20, 2017, via Institute for New Economic Thinking
A new book by economist Peter Temin finds that the U.S. is no longer one country, but dividing into two separate economic and political worlds
You’ve probably heard the news that the celebrated post-WW II beating heart of America known as the middle class has gone from “burdened,” to “squeezed” to “dying.” But you might have heard less about what exactly is emerging in its place.
In a new book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy, Peter Temin, Professor Emeritus of Economics at MIT, draws a portrait of the new reality in a way that is frighteningly, indelibly clear: America is not one country anymore. It is becoming two, each with vastly different resources, expectations, and fates.
Two roads diverged
In one of these countries live members of what Temin calls the “FTE…
View original post 1,516 more words