A THIRD-WORLD NATION

U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens

Downtown Missoula, Montana

In a new book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy, Peter Temin, Professor Emeritus of Economics at MIT, draws a portrait of the new reality in a way that is frighteningly, indelibly clear: America is not one country anymore. It is becoming two, each with vastly different resources, expectations, and fates. . . The two sectors, notes Temin, have entirely distinct financial systems, residential situations, and educational opportunities. Quite different things happen when they get sick, or when they interact with the law. They move independently of each other. . . 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.

Yossarian Johnson Study By MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens




In the Lewis model of a dual economy, much of the low-wage sector has little influence over public policy. Check.
The high-income sector will keep wages down in the other sector to provide cheap labor for its businesses.
Check.
Social control is used to keep the low-wage sector from challenging the policies favored by the high-income sector. Mass incarceration –
Check.
The primary goal of the richest members of the high-income sector is to lower taxes.
Check.
Social and economic mobility is low.
Check.

Lynn Parramore, America is Regressing into a Developing Nation for Most People

blog comments powered by Disqus