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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: 2, Touché) by Anonymous Coward on Tuesday May 23 2017, @02:58PM (2 children)

    by Anonymous Coward on Tuesday May 23 2017, @02:58PM (#514287)

    Isn't it up to you to decide for them?
    Weren't you implying just before that the billions of dollars Scandinavian countries could earn wasn't high enough for them?

    Which is silly anyway, since for a few paltry millions they could buy US citizenship trivially, and your 'cap' goes away.
    Must be some reason they don't, but I just can't put my finger on it...

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  • (Score: 3, Interesting) by Gaaark on Tuesday May 23 2017, @03:36PM (1 child)

    by Gaaark (41) on Tuesday May 23 2017, @03:36PM (#514306) Journal

    They COULD buy US citizenship, but they're probably wondering if that would be an intelligent idea, when all the rich Americans are buying hideaway fortresses in New Zealand, lol.

    No, the US is fucked and the rich are planning their get-away for when they're done sending it all to hell and reaping their riches, lol.

    --
    --- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
    • (Score: 0) by Anonymous Coward on Wednesday May 24 2017, @08:59PM

      by Anonymous Coward on Wednesday May 24 2017, @08:59PM (#515111)

      Please, rich people often spend money on shit they don't need or won't even use. Remember Steve Job's $100 Million Yacht that was finished after he died? I'm sure based on that you would deduce that "The Rich know there is another biblical flood coming! Just look at all the boats they are buying! We the plebs are fucked!"

      For every retreat bought in New Zealand there are no doubt 3 overpriced penthouses bought in Dubai.