Dennis, you may be a fine journalist because you can report stuff but you are a damn poor analyst because you do not push and probe enough
If you look at number of the academic studies you cite you have to ask why they mostly dwell on the inequality factor, then glibly conclude the middle has been hollowed out. If that is true, why do the middle 2/3 of tax returns show $6 trillion in AGI, why did the economy add 2.5 millionaires in the last 5 years, why for the second year in row will the auto industry report near record 17m units sold, why we have over $20 trillion in retirement assets most in 401k, IRAs and pension funds. They cite majority of Americans live from paycheck to paycheck. Balance that against the fact that over 50% of households have over $ 100,000 in net assets
That’s not the 1%ers but a continuing, solid middle class. And it does not include inheritances — tens of trillions, unless frittered, will get passed along to the next few generations.
Or the other myth — the US has lost all its manufacturing jobs. 2 trillion worth of planes, chemicals, lots of other products just last year argue otherwise
How come the academic studies ignore all the positive data? Because it does not suit their angle?
How come so many academics are peddling the automation will kill all jobs narrative and then glibly saying universal basic income is the solution? Have you analyzed any of their assumptions? I deconstructed the Oxford study which says 47% of US jobs are susceptible to automation in my book. In contrast, 400+ academic journals just parroted the study with no analysis.
You should try analysis by walking around. Are the majority of people you meet, who serve you in as bad shape as the studies suggest? Why is it that every small businessman I meet tells me they struggle to find help — not talking tech, Main Street businesses. Why do we report 5 million unfilled jobs month after month?
You glibly talk Trumpism. I doubt you have talked to many Trump supporters. The angry ones at his rallies were not the majority. Many were solid middle class folks who were more afraid of a Clinton presidency. Also Trump got just 1/4 of the total voting pool. Don’t extrapolate from a fringe of that fraction.
As far as the young not having opportunities. Clearly spending time in Bay Area you missed talking to many young entrepreneurs. London, New York, Milan, countless other cities continue to create opportunities for countless young ones. Having said that, we are an economy in transition. Lifetime jobs were slowing down for our gen they will be even slimmer for the next one. Reality check — it reflects the half life of corporations rapidly declining. But that does not equate to no opportunity. It means different work formats. It behooves us to prepare our young for a different world. we failed them in the last round and let them pile on over a trillion in student debt.
But to just continue to chime “we are fucked” is toxic.
