The Coming Collapse of the Middle Class
May 1, 2008 2:22 AM Subscribe
"The Coming Collapse of the Middle Class"
posted by kliuless (98 comments total)
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on the rise
], what can be done
to combat the "credit crunch
"* and restore the link
between wages and productivity? [cf
, "economic inequality makes democracy repugnant to elites and attractive to the masses. It is a recipe for civil conflict and unstable democracies. But a sizeable middle class is conducive to democracy: civil society is stronger, while the dangers of unbridled populism are reduced."
, "globalization will fail and capitalism or even humanity itself may come to an end. The real alternative to good globalization is world war. And because of the nature of today's technology, such a war would be apocalyptic in the twenty-first century. Because there is not much time left, the Great Boom, taken as a whole
, either is not a bubble at all, or it is the final and greatest bubble in history."
*when "what the US economy produces is no longer well matched to what Americans consume, and we are structurally unprepared to generate tradables, goods or services, in quantity adequate to cover the difference," is it -- US living standards
-- even defensible
and/or is another revolution
on the way?