Will The Middle Class Vanish?

Aug 19 2011 @ 10:37am

Income_Gains Jim Fallows believes so:

I honestly don’t see what forces are going to relieve the pressure on the middle class over the next decade or so. Barring some catastrophic change in energy prices or world conditions, the globalized production system will continue to develop. And its natural results, not just in the U.S. but worldwide, have been to enrich countries overall, while making their internal income distribution more polarized.

(That’s because opportunities are greater and more rewarding for those with globally-marketable skills, and competition is more intense for those with commoditized skills. In their different ways, China and the U.S. as whole economies are much richer than they were a generation ago, but both of them also are much less equal in distributions of income and wealth than they used to be.)

It is hard for me to imagine a technological breakthrough that would mainly be a great equalizer of opportunity in America or elsewhere. Obviously I hope to be proven wrong on this point.

Further debate on the subject here. Image from the CBPP.