It's not technology that is taking away jobs
In one sense, it’s nothing new. The people with the highest incomes have more of the total. Math guarantees it.
Let’s review some charts from my friend Bruce Mehlman’s latest fascinating slide deck. It does a good job of explaining the drivers of this trend and its striking scale.If you take GDP as a gauge for national income, it’s been growing far faster than median family income—even adjusted for inflation. The wider that gap gets, the more people feel left behind.Here’s another one comparing stock market growth and family net worth.
It’s a marvelously steady progression up and to the right, temporarily marred by a recession here and there, but really quite awe-inspiring in its consistency. Yay, capitalism! As unhappy as all this is making people now, imagine how it will be when recession hits. And then couple that with an ever-increasing explosion of new technologies that reduce demand for many types of labor .Some degree of unhappiness and discontent is part of the human condition. It’s what drives us to improve.
When they perceive less ability to reach the next level on their own, they look to Washington for help.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Supreme Court is not eager to overturn Roe vs. Wade — at least not soonSupreme Court justices have many ways to avoid making sweeping rulings. Chief Justice Roberts has typically resisted moving quickly to decide major controversies or to announce abrupt, far-reaching changes in the law.
Lire la suite »
At Preakness, the horses who aren’t there are the storyThe Preakness Stakes will be more about which horses aren't racing rather than which ones will be there, so it makes sense the race draw drew a sparse crowd.
Lire la suite »
State not alerted for weeks that woman may not be baby's momIllinois' child welfare agency says more than two weeks passed before it was alerted that a woman taken to a Chicago-area hospital with a gravely ill newborn may not be his mother, even though she arrived bloodied and showed no signs of giving birth.
Lire la suite »
It's Not Technology But The Fed That Is Taking Away JobsIncome inequality is now at the same level it was in the Great Depression. One reason is a growing number of monopolies whose existence is enabled by financial engineering and monetary policy. Ben Hunt notes that the S&P 500 companies have the highest earnings relative to sales in history.
Lire la suite »
Archaeologists discover ancient, pregnant Native American woman shot and killed by arrowsThe woman was shot not once, not twice—but four times.
Lire la suite »
The Rich Have More Of Everything -- Including LifespanClass-based longevity gaps have not significantly closed over the past 20 years.
Lire la suite »
U.N. Secretary-General warns world 'not on track' to limiting temperature rise to 1.5 percent: TVNZUnited Nations Secretary-General António Guterres said the world was 'not o...
Lire la suite »
The five biggest tech companies you probably did not know are in the arms industryMitsubishi and Rolls-Royce may be more well-known for manufacturing vehicles, but a large part of their turnover also comes from the arms industry.
Lire la suite »