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Certainly inequality plays a much larger role in all of this than the article acknowledges — particularly if you look at the plots of productivity vs income ine
by gdubs 7y ago
Certainly inequality plays a much larger role in all of this than the article acknowledges — particularly if you look at the plots of productivity vs income inequality — eg, the amount of wealth held by the top earners vs everyone else.
Sure, there’s a “Protestant Work Ethic” that still underpins a lot of consumer behavior in America, amplified by a marginal theory of economics that says you are what you earn — but most people can’t work less, even if they wanted to.
This became especially true after the 2008 financial collapse, wherein people who managed to keep their jobs were expected to take on the responsibilities of the people who were layed-off. And as the economy recovered, top earners took a larger share, and the majority of workers continued to carry a heavier load.
Contrast this with the 1950s where single earners could provide a relatively comfortable middle class lifestyle. (Also, coincidentally, the generation that dreamed-up a lot of the Jetsons-age inventions they imagined would provide a life of leisure by century’s end.)