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The polarizing of wealth discussions have been beat to death on this board, however, one important piece of the discussion, the most important piece is usually left hanging.
The "redistribute the wealth crowd" casting blame on big business and CEO comp are missing the big picture. As is the camp on the other side of the fence who point the finger at government for it's punative policies toward business as the driver for the eroding middle class.
Globalization has changed the playing field for all of us. Our economy cannot operate in a vacuum. Today and in the furure, our quality of life will be affected by the success or failure of other countries.
The fact is the middle class is not shrinking, it is being redefined. Our middle class has enjoyed prosperity that is unsustainable in a global economy. Home ownership, 2 cars and a pension was almost a birthright for those who were willing and able to work hard. That is no longer the case and won't be the case for the forseeable future. Going forward the middle class will survive, but with less prosperity. having two car notes and a mortgage won't happen for most. Those having a job, renting a home and raising a family with more modest accomodations will be the new middle class.
There is a silver lining here, and this is the part that most people miss. As we pump jobs and wealth in to the economies of other countries, wages will increase as will quality of life. See: How Rising Wages Are Changing The Game In China
Eventually we will hit a threshold where the cost of outsourcing won't make sense. The labor savings won't be enough to offest the costs and hassle of managing facilities overseas. That's when we'll hit an equilibrium and start to see wages and quality of life slowly go up for everyone, including those overseas.
In my mind this scenario is an inevidability that cannot be stopped by governent intervention. What remains to be seen is when will we hit our low water mark and what will our new middle class look like.
It is clear that the effort is to create a balance of labor cost making the American and Chinese worker, the equivalent subservient price and wholly dependent on the Corp for survival.
However, it is easy to callously ignore how long and how difficult this transition will be. For those who enter this world after this process you describe is complete (or at least stable) they will have never known things to be any different. For those who have to live their lives during this transition it could be extremely painful.
It's easy to talk about these kinds of things on internet forums, quite another to actually live it.
Is the insinuation that our expectations are/were too high?
I went to college, have six figures in student loan debt, make a decent salary, married a beautiful wife who makes slightly more then I do and we should not be able to afford 2 cars, a 3-4 bdroom home and have a kid or 2? I think that is about right but this scenerio is becoming less and less prevelent.
Wow. A six figure nondischargeable student loan debt?
Is the insinuation that our expectations are/were too high?
I went to college, have six figures in student loan debt, make a decent salary, married a beautiful wife who makes slightly more then I do and we should not be able to afford 2 cars, a 3-4 bdroom home and have a kid or 2? I think that is about right but this scenerio is becoming less and less prevelent.
Sans the six figure student loan debt I'd say you're doing ok and should be able to make those things happen.
However, there is a thin line between expectation and entitlement and doing the things you did would not entitle you, I or any of us to anything.
Is the insinuation that our expectations are/were too high?
I went to college, have six figures in student loan debt, make a decent salary, married a beautiful wife who makes slightly more then I do and we should not be able to afford 2 cars, a 3-4 bdroom home and have a kid or 2? I think that is about right but this scenerio is becoming less and less prevelent.
Everyone should have high expectations. I don't think the economy will sustain achieving those expectations for all of us. You did the things that would have locked in a very comfortable life in the past. Not such a sure fire thing anymore even if you do put in the work.
The cold hard reality is that there is little that politicians can do about it.
From the beginning I was always under the impression that the middle class getting less while costing us more was a biproduct of the competing global economy. China and India have nearly half the world's populations and they are no longer satisfied living in shanty towns in underdeveloped conditions. Welcome to the beginning of the end.
The polarizing of wealth discussions have been beat to death on this board, however, one important piece of the discussion, the most important piece is usually left hanging.
The "redistribute the wealth crowd" casting blame on big business and CEO comp are missing the big picture. As is the camp on the other side of the fence who point the finger at government for it's punative policies toward business as the driver for the eroding middle class.
Globalization has changed the playing field for all of us. Our economy cannot operate in a vacuum. Today and in the furure, our quality of life will be affected by the success or failure of other countries.
The fact is the middle class is not shrinking, it is being redefined. Our middle class has enjoyed prosperity that is unsustainable in a global economy. Home ownership, 2 cars and a pension was almost a birthright for those who were willing and able to work hard. That is no longer the case and won't be the case for the forseeable future. Going forward the middle class will survive, but with less prosperity. having two car notes and a mortgage won't happen for most. Those having a job, renting a home and raising a family with more modest accomodations will be the new middle class.
There is a silver lining here, and this is the part that most people miss. As we pump jobs and wealth in to the economies of other countries, wages will increase as will quality of life. See: How Rising Wages Are Changing The Game In China
Eventually we will hit a threshold where the cost of outsourcing won't make sense. The labor savings won't be enough to offest the costs and hassle of managing facilities overseas. That's when we'll hit an equilibrium and start to see wages and quality of life slowly go up for everyone, including those overseas.
In my mind this scenario is an inevidability that cannot be stopped by governent intervention. What remains to be seen is when will we hit our low water mark and what will our new middle class look like.
I fail to see any "good news" or a "silver lining" from the article you offered except for China. You haven't sold me on how a do nothing approach or a keep on doing the same thing approach is going to get us any better results.
What you need to do is look at the BIG PICTURE and look at history. Look at the things we can CHANGE. For starters we'd be a h%ll of a lot more prosperous with a LOT less government spending. We aren't making ourselves any safer starting wars everywhere.
We've never proven we've been able to be prosperous AND be at war with the world.
If the TRUTH be told, we didn't really recover from the "Great Depression" until 1954. We can bring the troops home and let them spend their money here. That would probably save 10cents out of the 40cents the government takes out of every dollar just to tread water. Next get rid of the rogue government departments and agencies - most of which are duplications of what states already have and totally unnecesssary... and get rid of the onerous rules and regulations that plague small businesses.
Last get rid of the Federal Reserve or AT LEAST have a competing currency. All history shows that all nations(not just ours) have been more prosperous when they control their own monetary system and don't hand it over to BANKSTERS.
Naturally, you'd also want to get rid of the Patriot Act and TAKE OUR SOVEREIGNTY BACK from the Globalists.
FACT: We were most prosperous as a FREE SOVEREIGN NATION without entangling alliances!
We need to UNDO the damage that has been done to this country by presidents and elected officials WE HAVE STUPIDLY PUT IN OFFICE dating back to 1914 but especially over the past 3 or 4 decades. Let's get to it by AVOIDING ELECTING YET ANOTHER STATUS QUO President. The Middle Class will only "stabilize" if we are PROACTIVE and get off our duffs and DO SOMETHING about it!
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