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Eventually, of course, the bubble burst. That ended the middle class’s remarkable ability to keep spending in the face of near stagnant wages. The puzzle is why so little has been done in the last 40 years to help deal with the subversion of the economic power of the middle class. With the continued gains from economic growth, the nation could have enabled more people to become problem solvers and innovators — through early childhood education, better public schools, expanded access to higher education and more efficient public transportation.
In the New York Times, Robert B. Reich traces the erosion of the middle class.
In the Guardian’s abridged version of his talk at the Edinburgh international book festival, Ewan Morrison predicates the maintenance of a living wage for authors on the perpetuation of the traditional publishing model of substantial advances and incubation of the mid-list.
On WHYY’s Fresh Air Dave Davies interviews economist Robert Reich, author of Aftershock: The Next Economy and America’s Future.
In The Huffington Post, Stephen Herrington reviews Ian Fletcher’s Free Trade Doesn’t Work.
In this work, Fletcher addresses the vacuous and/or fallacious arguments of the free traders that, among other things, global free trade will usher in world peace. He confronts the use of the long self aggrandizing view of Americans that they are a wonder of God given prowess, unassailable by lesser peoples and nations. Ian dissects the media forgotten, formerly media promoted, temptations of a billion new Chinese customers hungry for God given American products and culture. Ecstatic promises were made by the free traders and decades into the process they have proved empty, beyond empty really, more a pitfall. That’s the problem with sophists. They pay for misleading only with their reputations while you pay for listening with your livelihood.