The following article by Lynn Parramore was posted on the Alternet website April 22, 2017:
This post originally appeared on the blog of the Institute for New Economic Thinking.
You’ve probably heard the news that the celebrated post-WW II beating heart of America known as the middle class has gone from “burdened,” to “squeezed” to “dying.” But you might have heard less about what exactly is emerging in its place.
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. Continue reading “America Is Regressing Into A Developing Nation For Most People”