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Study by MIT Economist: US Has Regressed to a Third-World Nation for Most of Its Citizens

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“Collapse” by Erica Woodson

A new book by economist Peter Temin finds that the U.S. is no longer one country, but dividing into two separate economic and political worlds

Lynn Parramore, Institute For New Economic Thinking / The Intellectualist

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April 20, 2017 | You’ve probably heard the news that the celebrated post-WW II beating heart of America known as the middle class has gone from “burdened,” to “squeezed” to “dying.”  But you might have heard less about what exactly is emerging in its place.

In a new book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy, Peter Temin, Professor Emeritus of Economics at MIT, draws a portrait of the new reality in a way that is frighteningly, indelibly clear:  America is not one country anymore. It is becoming two, each with vastly different resources, expectations, and fates.

Lynn Parramore, Senior Research Analyst, Institute For New Economic Thinking 

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From the Archives | New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy, Huffington Post

  • Those Americans earning more than $50 million increased their income from an average of $91.2 million in 2008 to almost $519 million. That's nearly $10 million in weekly pay!These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers."
  • September Jobs Report Reveals America’s Emerging Third World Economy

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