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Except the tide you're describing is global, and the policy in question was domestic, and wages and assets within the middle and lower economic classes have ind
by stonogo 6y ago
Except the tide you're describing is global, and the policy in question was domestic, and wages and assets within the middle and lower economic classes have indeed stagnated in relation to almost every other economic indicator within the country, which is why "many on the left" consider this argument to be invalid.
- mjburgess 6y agoThis just isn't the case. And it dramatically isn't the case. This is a side effect of using the same category terms, but not talking about the underlying distributions. Eg., in the UK, 80% of the country were industrial working class or poorer until 1980s; and middle class only started at top 5%. Today, the "industrial working class" level of wealth, is the bottom 20% at the very most. So if you hold the class terms fixed, "middle class" it seems the 80s top 5% has "stagnated", only to fail to mention, it now 60% of the country. If you hold the distributions constant, the wealth level acheived in the top 5% in 1980s is now a majority of the population.