Even though the “Great Recession” is officially over, the USA seems to be suffering from an economic malaise that goes back to at least the turn of the century. A recent article by Niall Ferguson sums it up in its title: The End of the American Dream. In sum, there is a widening distribution of income; the rich are getting richer and the poor getting poorer, with less and less ground between them. Those without college degrees or some form of technical training probably will just barely get by, money will be a problem throughout their lives. Even those with college degrees or usable training such as respiratory technicians or auto mechanics face declining opportunities. Too many college grads continue to live at home with their parents, working in service jobs way below their skill level.
The chances for moving up, for improving one’s economic well-being over time, seem to have been halted. Governments and employers are trying to back out of promises made to citizens and employees regarding health care and old age benefits, promises that now seem way too expensive to fulfill. Unemployment and partial employment rates have been way too high for the past 5 years, while average wage levels began to stagnate well before that.
In many ways, it appears that something has fundamentally changed in our economy over the past 40 or 50 years. Back in the 1700s, » continue reading …