MIT economist Peter Temin says 80 per cent of the population is burdened with debt and anxious about job security
Peter Temin says the world's’ largest economy has roads and bridges that look more like those in Thailand and Venezuela than those in parts of Europe.
The economist describes a two-track economy with on the one hand 20 per cent of the population that is educated and enjoys good jobs and supportive social networks.
On the other hand, the remaining 80 per cent, he said, are part of the US’ low-wage sector, where the world of possibility has shrunk and people are burdened with debts and anxious about job security.
He found that much of the low-wage sector had little influence over public policy, the high-income sector was keeping wages down to provide cheap labour, social control was used to prevent subsistence workers from challenging existing policies and social mobility was low.
Commenting on Mr Temin’s findings, Lynn Parramore, senior research analyst at the Institute for New Economic Thinking, writes: “Without a robust middle class, America is not only reverting to developing-country status, it is increasingly ripe for serious social turmoil that has not been seen in generations.”
Figure 1 - Homeless americans sleeping
Figure 2 - American volenteers helping feed the poor
we better impose more costs on that 20 percent so they too can be poor!
forget home ownership, enjoy your Obamacare premiums instead!!!!!!! LOL!!!!!
Home ownership was a dream that entirely died in the early 2000s for all except the high middle class and above.
People have rented or lived at home their entire lives in multigenerational homes. The baby boom dream of every family realistically owning their own home was an anomaly, and society is moving to correct it.
Besides, even when you 'own' your home, you always have to pay property taxes and home maintenance costs. You will ALWAYS be paying some asshole to be living where you are.
Welcome to the Brave New World of 1984! Current temp: Fahrenheit 451
It's never a bad day, and always a good night, so BE HAPPY and enjoy your stay!
developing nation definition. A nation where the average income is much lower than in industrial nations, where the economy relies on a few export crops, and where farming is conducted by primitive methods. In many developing nations, rapid population growth threatens the supply of food.
How in the world does the US fit that definition?
We don't export as much as we used to but we have a very wide variety of exports and still export more than most other countries on the planet. Our agriculture techniques are far from primitive and a rapid population boom would in no way threaten our food supply.
cant wait to see what our politicians do to remedy this.
Cash out and let everything burn.
They won't care as long as they get their paychecks from the lobbyist.
Surely we need another stimulus to get the economy going? Shouldn't that have trickled down by now? Turns out it was the biggest transfer of wealth in history from the poor and middle class to the rich. Whoops.
I feel like 90% of this is stuff that @Darkman124 and I have talked about in the past. I read that to mean that we are as smart as MIT professors.
Honestly this is the stuff that keeps me up at night. I am in the top income quintile, am educated and kind of sort of in the FTE industry (manufacturing but with a company that spends tons on cutting edge technology development, though not for stuff at the consumer level).
I support mass unionization and to a certain extent, protectionism. But I also think we need to support globalism to an extent to not be left behind. Basically capitalism/socialism, worker rights/employer rights, protectionism/globalism are all on a spectrum which we always think in black and white but need to find places in the middle that actually benefit the most Americans. I think income and wealth disparity is the major driver in all divisiveness today.
Your government's military budget is $700 billion now? If they actually cared about you they would stop bombing brown people in the middle east for their oil and solve poverty in the US with some of that money.
Hm. I guess it makes sense. But going to have to agree with the clickbait thing. Unfortunately the wealthy being cheap-asses hits home far too often than not. Also seems like when they are doing this they are invested in something that will be a loss for them. Unfortunately the upper class in this country is incompetent as all hell.
I've been tempted to move out of the country but I'm not entirely sure where I'd want to move. Probably a more socialist centered country. And one that can properly manage it's problems.
I've considered Iceland and Switzerland before. Iceland is extremely small though and bilingual. Switzerland from what I remember has some political issues, as do a few European countries, specifically with their neighbors in the middle East and in Russia. Australia has a weird government from what I remember, and they get strange laws sometimes that benefit nobody. New Zealand is nice but it's also very small and remote even in comparison to Iceland.
*GASP!!!!* Liberals spewing liberal bullshit hysteria and whatever they can to try to turn people against the president cuz they're super butthurt that they lost and are in full tantrum mode?!??! *has heart attack from pure shock and surprise*