Posted by: coastcontact | October 23, 2013

There will be No Middle Class

In September, the number of long-term unemployed (those jobless for 27 weeks or more)was little changed at 4.1 million. These individuals accounted for 36.9 percent of the unemployed. The number of long-term unemployed has declined by 725,000 over the past year.

Both the civilian labor force participation rate, at 63.2 percent, and the employment-population ratio at 58.6 percent, were unchanged in September. Over the year, the labor force participation rate has declined by 0.4 percentage point, while the employment-population ratio has changed little.

These are not my words. They are copied from yesterday’s BLS report for the month of September.

Sadly today’s Los Angeles Times commentator, Doyle McManus wrote the following article that points out the real wealth trend in America.  The future looks even bleaker, according to libertarian economist Tyler Cowen.

Cowen is quoted as writing, “Our future will bring more wealthy people than ever before, but also more poor people. Rather than balancing our budget with higher taxes or lower benefits, we will allow the real wages of many workers to fall — and thus we will allow the creation of a new underclass.”


Poof goes the middle class

Imagine a future in which real wages for most workers decline year after year; a future in which middle-class jobs that disappeared in the Great…  The rest of this Los Angeles Times opinion here

McManus ends his column with the question, New ideas, anyone?  Even if someone has any new ideas how can they be implemented when our political system is broken?  

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