US Regressing into a Developing Nation for Most People, MIT Professor Warns

© Lucy Nicholson / Reuters

RT:  US regressing into a developing nation for most people, MIT professor warns

Any idea of this nature is typically pooh-poohed by the Haves but that only has to do with the Having and it has nothing at all to do with taking care of the people of America.

Ed:  America has no obligation to take care of anyone


Moving right along, the problem is obvious and immediate.

Growing income inequality is turning the US into a dual economy, with one economy for the rich and another for the poor, according to an MIT professor, who warns that the middle class is vanishing.

In his new book, “The Vanishing Middle Class," Peter Temin, professor emeritus of economics at Massachusetts Institute of Technology, warns that the US is moving backward and becoming more like a developing nation, as the “the vanishing middle class has left behind a dual economy.”

“We are still one country, but the stretch of incomes is fraying the unity of the nation,” Temin wrote in the introduction of his book, according to a copy obtained by Barnard College.

- RT

Well, it looks like one country but many feel it has nothing to do with them so it's an extreme stretch to say the situation is only frayed.


The economist describes a dual economy, where the gap between the rich and the poor has grown wider.

Temin points to a study from the Pew Research Center, which, he said, “shows that the income share lost by the middle class has gone to people earning more than double the median income.”

“In short, the rich got richer. The poor did not disappear, and the middle class shrank sharply,” Temin wrote. “We are on our way to become a nation of the rich and the poor with only a few people in the middle.”

- RT

That only means Washington will shift to taxing the poorest of the richies as a surrogate middle class so their cleverness isn't that long-lasting and the remarkable thing is none of them think far enough ahead to anticipate it.  The poor people have no money; they middle class is drained; the national debt is way over twenty trillion dollars since Trump spends like JAC (i.e. Just Another Cheerleader).

What magic do the Neorich think will get the Ultrarichies to pay it?  That bill will come down on the Neorich since there won't be anywhere else it can land.  They're actively screwing themselves to the walls but they do seem to enjoy it.  At least there's that.


As you will hear below, the problem is obvious as well when prices increase for everything but wages do not and that's been true for years.  Even the Failed Dowager Clinton did not support increasing wages and still people called her a Democrat.  Boobs have that effect now, it seems.

Ed: only rich boobs

Ah, I see


Even conservatives will be amused by how Soros lost a billion betting on Clinton Super PACs.  Cripes, he might as well have invested in Florida where the water rises to take the land which wasn't already lost to sinkholes.