Earlier today on Twitter, @umairh “Economist. author. slayer of zombies” stated:
I’m going to do five quick points on politics + the economy. This is gonna hurt. Enjoy!! |
1. The question is: how long will average incomes in the US decline? Another 25 years? Forever?
2. There is no reason to believe average incomes in the US will reverse their long run trend and rise anytime soon.
3. There is every reason to believe average incomes in the US will stick to their long run trend. And decline. For a long time.
4. The big problem in America is simple. The rich are getting richer, for no good reason. And everyone else is getting poorer.
5. Without major political reform — a system which can give the middle class basic rights — the US middle class is toast.
6. The US has a social model that has failed. It is working for thousands of people. It’s not working for millions.
… I don’t know how to stress this to you guys enough. This is deep shit. We’re going to come of age in a failing society.
Ok. Am I scaring you, telling you what you already konw, or you just don’t care?
Our leaders don’t give a shit. That’s exactly why you should.
Jail the bankers, stop the wars, restore rights, save the middle class, end poverty, invest in the young. It’s not rocket science.
… There are 47 million people living in poverty in America. While the 6 Walmart heirs are worth more than the bottom 150 million.
That, folks, is what a broken social model looks like.
… So those of us who’ve suggested the economy’s broken for years now have been proven right? And the pundits wrong? Surprise.
This economy could hardly be more broken. And that it’s taken the establishment a decade to get it is precisely why.
What should really concern us is that there is nothing on the horizong that’s going to reverse any of the problems in the economy.