Feature

Capitalism is killing the middle class

Few like to admit it, but globalization and technology have triggered an economic revolution that’s “hostile to the middle-class majority,” said Chrystia Freeland at NYTimes.com.

Chrystia Freeland
NYTimes.com

No one in Washington is talking about America’s most fundamental economic problem, said Chrystia Freeland. That problem is income inequality—the growing chasm between the wealthy and the middle class. The top 1 percent of earners now take home more than 18 percent of national income—a startling increase from 1973, when the rich’s share of income was 7.7 percent. Why is so much wealth being concentrated at the top?

Few like to admit it, but globalization and technology have triggered an economic revolution that’s “hostile to the middle-class majority.” Our new economy benefits a fairly small class of people—those who run companies, technologists, engineers, and Wall Street traders, whose salaries have soared. Meanwhile, jobs that once sustained the middle class—from manufacturing to a growing number of white-collar jobs—can be done more cheaply by machines or workers in India and China.

As Republicans and Democrats battle over less important issues, this is the elephant in the room. “Someone needs to admit that modern capitalism isn’t working for the middle class, and find a way to make it work better, before it is too late.”

Recommended

Buckingham Palace won't reveal findings of Meghan Markle bullying investigation
Meghan Markle
under wraps

Buckingham Palace won't reveal findings of Meghan Markle bullying investigation

Ukraine releases tape of Russia bombing shopping mall, debunking denials
Russian missile hits mall
Roll the tape

Ukraine releases tape of Russia bombing shopping mall, debunking denials

U.S.-backed task force has seized $30 billion in Russian oligarchs' assets
Seized Russian yacht
REPO

U.S.-backed task force has seized $30 billion in Russian oligarchs' assets

20 men found guilty in 2015 Paris terror attacks
French courtroom
night of terror

20 men found guilty in 2015 Paris terror attacks

Most Popular

Trump, Secret Service agent corroborated main elements of Jan. 6 bombshell
Cassidy Hutchinson
Behind the wheel

Trump, Secret Service agent corroborated main elements of Jan. 6 bombshell

Former Trump aides vouch for bombshell Jan. 6 witness
Cassidy Hutchinson
'i know her'

Former Trump aides vouch for bombshell Jan. 6 witness

SCOTUS backs Oklahoma in case regarding crimes on tribal lands
Supreme Court.
handed down

SCOTUS backs Oklahoma in case regarding crimes on tribal lands