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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.'"
(Score: 2, Insightful) by Anonymous Coward on Tuesday May 23 2017, @04:31PM (1 child)
As much as I like the whole "you get to do what you want"-thing, if you've got a billion more in the bank than most people, I think that's enough. Then anything more is just for shits and giggles and so that others won't have it.
If you have a personality that says "I've got so many resources that I will never have any issues" and then follow it up with "but I want even more", then you're not a very nice human being. Then it's just because you want to fuck over others and be able to point at said fucking-over to your other billionaire friends to show how much better you are than them.
I think at that point, it is no longer up to the individual to decide. Clearly society has provided enough to said individual and society gets to decide something for you.
(Score: 0) by Anonymous Coward on Tuesday May 23 2017, @06:13PM
I tend to think of it as they have a lot more to lose. Maybe a high tax rate ain't so bad to keep the status quo intact.
I would go with an income tax up to 99% above certain incomes. A person earning that much money is benefiting very heavily from society (infrastructure, police, a civil society). If it's a problem, take it up with whoever pays you - are you not worth the 99% headwind the employer has to take on to get you those extra few $mill? Sure you are, go negotiate champ.