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Very Hot Topic (More than 25 Replies) MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens (Read 450 times)
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MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Feb 11th, 2019 at 2:15am
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Study By MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens

Kruschev's dream finally come true!

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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 parallels are unsettling. As noted by the Institute for New Economic Thinking:

In the Lewis model of a dual economy, much of the low-wage sector has little influence over public policy.

The high-income sector will keep wages down in the other sector to provide cheap labor for its businesses.

Social control is used to keep the low-wage sector from challenging the policies favored by the high-income sector - Mass incarceration.

The primary goal of the richest members of the high-income sector is to lower taxes.

Social and economic mobility is low.

Temin describes multiple contributing factors in the nation’s arrival at this place, from exchanging the War on Poverty for the War on Drugs to money in politics and systemic racism. He outlines the ways in which racial prejudice continues to lurk below the surface, allowing politicians to appeal to the age old “desire to preserve the inferior status of blacks”, encouraging white low-wage workers to accept their lesser place in society.

“We have a structure that predetermines winners and losers. We are not getting the benefits of all the people who could contribute to the growth of the economy, to advances in medicine or science which could improve the quality of life for everyone – including some of the rich people,” he laments.

The antidote, as prescribed by Temin, is likely a tough sell in today’s political climate.

Expanding education, updating infrastructure, forgiving mortgage and student loan debt, and overall working to boost social mobility for all Americans are bound to be seen as too liberal by many policy makers.

  

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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #1 - Feb 11th, 2019 at 4:03am
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Unlike most liberal fruitcakes, that guy sounds like a serious thinker on these issues, and his thesis is worth serious consideration.  But does it have to repeated that one way the upper strata, specifically large labor-intensive industries, keeps wages down is by the importation of millions of illegal aliens?  That blacks are suppressed is clearly false - the exact opposite is true due to "affirmative action".  As I've said before, in the 21st century and for decades the main driver for low black economic and other progress lies in their intrinsic social pathologies.  It's also true that the late 20th century export of American manufacturing on a vast scale, one of the most striking processes in American history, has a lot to do with the decline of economic mobility:  In previous times a guy had a good job in manufacturing that paid him $100,000 in pay and benefits, and he used that money to send his son to college where he got the training to become an engineer or doctor or lawyer or business executive.  Now that's gone.  The fading of the middle class is a real issue, and something needs to be done about it.  The rapid development of robots with AI makes this all the more problematic.
« Last Edit: Feb 11th, 2019 at 4:15am by patrick2 »  
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #2 - Feb 11th, 2019 at 5:58am
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I just wish that these professors would get out and about among the middle class and see how things are for us.  They're pretty much okay and satisfying.  We actually have real lives.  We are people with jobs or people who have lived long enough to retire and choose to do that.  We don't then have to go live in a poor house, like in the days of old.  Some of us even travel.  It is what you make of it.

I wonder if the professor realizes that not all rich people are happy or satisfied with their lot in life.  My suggestion, mr. profesor, is to drive to a middle class neighborhood and take a walk in it.  Do it on a Saturday in the in the Spring or Summer and see kids playing outside (if parents have plied them away from all of the electronics they are able to have), moms or dads mowing their lawns. or stop and watch a Little League baseball game if you're lucky enough to run into one. 

There are still large pockets of Norman Rockwell life-styles abounding.
  
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #3 - Feb 11th, 2019 at 5:59am
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The main reason the middle class is disappearing is because people are getting richer  Wink

Especially by inheriting money
  

All throughout our American history, world history, "ordinary people can do extraordinary things"


un·known quan·ti·ty
noun
a person or thing whose nature, value, or significance cannot be determined or is not yet known.
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #4 - Feb 11th, 2019 at 6:18am
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Luther wrote on Feb 11th, 2019 at 5:59am:
The main reason the middle class is disappearing is because people are getting richer  Wink

Especially by inheriting money



Lucky them.  If they're inheriting their money and they're middle class, then their Mom and Dad must have worked hard and made the money.  My dad always said he wanted to be able to say when he died, "We spent it all!".  Mom died 12 years after Dad, and my brother and I each received $350.  We each grinned.  They had been able to travel all over the world, including Casablanca, until Dad's Alzheimers kicked in.
  
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #5 - Feb 11th, 2019 at 6:21am
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crepe05 wrote on Feb 11th, 2019 at 6:18am:
Lucky them.  If they're inheriting their money and they're middle class, then their Mom and Dad must have worked hard and made the money.  My dad always said he wanted to be able to say when he died, "We spent it all!".  Mom died 12 years after Dad, and my brother and I each received $350.  We each grinned.  They had been able to travel all over the world, including Casablanca, until Dad's Alzheimers kicked in.


Don't forget about Grandparents who are loaded Wink
  

All throughout our American history, world history, "ordinary people can do extraordinary things"


un·known quan·ti·ty
noun
a person or thing whose nature, value, or significance cannot be determined or is not yet known.
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #6 - Feb 11th, 2019 at 6:24am
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Do you ever read what you're replying to.  I did address that.
  
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #7 - Feb 11th, 2019 at 6:25am
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crepe05 wrote on Feb 11th, 2019 at 6:24am:
Do you ever read what you're replying to.  I did address that.



But you didn't say the money trickles down to the Grand kids Wink
  

All throughout our American history, world history, "ordinary people can do extraordinary things"


un·known quan·ti·ty
noun
a person or thing whose nature, value, or significance cannot be determined or is not yet known.
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #8 - Feb 11th, 2019 at 7:47am
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My guess is this guy has never been within 1000 miles of a third world country. There is no comparison.
  
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Re: MIT Economist: U.S. Has Regressed To A Third-World Nation For Most Of Its Citizens
Reply #9 - Feb 11th, 2019 at 1:01pm
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MIT should file a law suit on this guy for using their name and degrading their status.
  


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