America is Regressing into a Developing Nation for Most People

[applegrove]

http://evonomics.com/america-regressing-developing-nation-people/?utm_source=newsletter_campaign=organic

"SNIP......

By Lynn Parramore

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 sector” (named for finance, technology, and electronics, the industries which largely support its growth). These are the 20 percent of Americans who enjoy college educations, have good jobs, and sleep soundly knowing that they have not only enough money to meet life’s challenges, but also social networks to bolster their success. They grow up with parents who read books to them, tutors to help with homework, and plenty of stimulating things to do and places to go. They travel in planes and drive new cars. The citizens of this country see economic growth all around them and exciting possibilities for the future. They make plans, influence policies, and count themselves as lucky to be Americans.

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[eppur_se_muova]

1. Typo.

Misspelled "devolving".

[applegrove]

2. Point is the US has the wealth distribution on Mexico. And mexico

has some nasty crime going on. When some young men have no chance at drinking or owning a great tv by working.. more turn to crime. Like kidnapping rich people's kids. The whole country falls apart. That is what Trump and the GOP wants obviously.

[eppur_se_muova]

3. Joking. nt

[applegrove]

4. I thought you were but was not sure.

[Solly Mack]

5. K&R Check

In the Lewis model of a dual economy, much of the low-wage sector has little influence over public policy. Check. The high-income sector will keep wages down in the other sector to provide cheap labor for its businesses. Check. Social control is used to keep the low-wage sector from challenging the policies favored by the high-income sector. Mass incarceration – check. The primary goal of the richest members of the high-income sector is to lower taxes. Check. Social and economic mobility is low. Check.