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posted by martyb on Tuesday May 23 2017, @09:16AM   Printer-friendly
from the declasse' dept.

America divided – this concept increasingly graces political discourse in the U.S., pitting left against right, conservative thought against the liberal agenda. But for decades, Americans have been rearranging along another divide, one just as stark if not far more significant – a chasm once bridged by a flourishing middle class.

Peter Temin, Professor Emeritus of Economics at MIT, believes the ongoing death of “middle America” has sparked the emergence of two countries within one, the hallmark of developing nations. In his new book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy, Temin paints a bleak picture where one country has a bounty of resources and power, and the other toils day after day with minimal access to the long-coveted American dream.

In his view, the United States is shifting toward an economic and political makeup more similar to developing nations than the wealthy, economically stable nation it has long been. Temin applied W. Arthur Lewis’s economic model – designed to understand the workings of developing countries – to the United States in an effort to document how inequality has grown in America.

The 2017 World Economic Forum had the answer: "The people who have not benefited from globalization need to try harder to emulate those who have succeeded," and, "'People have to take more ownership of upgrading themselves on a continuous basis.'"


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  • (Score: 5, Insightful) by Thexalon on Tuesday May 23 2017, @10:47AM (1 child)

    by Thexalon (636) on Tuesday May 23 2017, @10:47AM (#514119)

    One of the things that makes the current hereditary aristocracy in the US so darned annoying is that they truly believe that they're in charge because of their merit. The American Dream and all that is the self-justification they need to ignore the pleas of everybody who isn't rich enough to be in their little club.

    There are a few genuine rags-to-riches stories out there: For example, Bill Clinton and Ben Carson both grew up needing government assistance. There aren't as many riches-to-rags stories, though, so what that means is that about 1/3 of the rich people's club inherited their money.

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  • (Score: 4, Insightful) by Soylentbob on Tuesday May 23 2017, @12:32PM

    by Soylentbob (6519) on Tuesday May 23 2017, @12:32PM (#514168)

    One of the things that makes the current hereditary aristocracy in the US so darned annoying is that they truly believe that they're in charge because of their merit.

    Was it ever different in any aristocracy? Previously they were convinced to be chosen by god, or especially strong / clever, just had it in their blood, whatever.