Temin examines the structural forces behind the deteriorating economic circumstances experienced by most Americans even as financial markets hit new highs and official unemployment statistics suggest the economy is thriving.
These stories broke as I was pondering the message of Peter Temin’s recent book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy.
jobs, and-not unrelated-the price of a Bitcoin hit $17,900, with the total market value of the electronic currency in circulation now reaching $300 billion. 27, and CEO Jeff Bezos became the only person in the world with a personal fortune of more than $100 billion.Īt the same time, McKinsey Global Institute estimated that by 2030 automation likely will have destroyed up to 73 million U.S. Amazon shares reached a record high of $1,213.41 on Nov. In recent months, we’ve seen many examples of how this end-stage capitalistic system is playing out.įorbes reported that the three richest Americans now are wealthier than the combined bottom half of the U.S. The tax bill, as regressive as it is, isn’t new, but simply the logical outcome of our current economic system. As 2017 draws to an end, it is perhaps fitting that Congress chose to close out the year with the passage of a tax bill that does more to redistribute wealth to the already wealthy than any other piece of legislation since the Gilded Age.
0 kommentar(er)
