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Monday, September 11th, 2017

America is Regressing into a Developing Nation for Most People

Author:     Lynn Parramore
Source:     Institute for New Economic Thinking
Publication Date:     11 September 2017
 Link: America is Regressing into a Developing Nation for Most People
Stephan:   Because it is a system based on greed, selfishness, and exploitation, with only one social priority, profit, fascism produces sharply delineated class differences. That's why it also is always associated with militarized law enforcement -- you have to control the peasants, and keep them in their place, and make sure they don't discommode the elite. Quite predictably as the U.S. has become more and more fascist, we have seen exactly that kind of militarization of police departments all over the country, but particularly in Red value states, which are much more fascist as societies than occurs in Blue value states. In my view we are building a dynamic that must inevitably result in social unrest and violence. It has already produced the upsurge of White Supremacy.

Credit: Daily Mail

A new book by economist Professor Peter Temin finds that the U.S. is no longer one country, but dividing into two separate economic and political worlds. Temin is Elisha Gray II Professor Emeritus of Economics, Massachusetts Institute of Technology.

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.

Two roads diverged

In one of these countries live members of what Temin calls the “FTE sector” (named for finance, technology, and electronics, the industries which largely support its growth). These are the 20 percent of Americans who enjoy […]

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