Middle class was destroyed already. Today's middle class is an artificial middle class running on debt.
It was the industrial mighty that took European peasants and raised them to middle class, creating a power nation.
The middle class without competition gorged in money.
example:
GM history in the second half of the 20th century is a story of executive arrogance, missed opportunities, poor decision-making and reckless finance.
After WW2, everyone was making money hand-over-fist, and GM became known as “Generous Motors.” Starting in the mid-1950s, rather than risk a strike that could slow production and sales, GM chose to kick the can down the road. When it came to wages, and benefits, the execs made the union contracts, guaranteed pension benefits, health care costs someone in the future’s problem.
Then the future arrived.
roubini.com
Industry after industry lost competitiveness to Japanese and Euriopeans.
As industry after industry could not compete, the US used the only industry they could not export -weaponry-and used it to keep an edge.
That industry needed a constant conflict and bellicose approach to everything to keep itself alive.
Young people trying to keep themselves middle class, engaged in MBA programs and went straight to finance.
Advocate industry migration to keep some few bits in the US.
Intangibles, Good will, New economy. The whole thing become artificial.
Until now... Time to face reality
The US committed suicide. |
