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Originally Posted by flyover  About 1 in 5 households in the US currently make six figures or more. Pretty good and has been moving up, along with other developed countries. There are more "affluent" households in US than "poor".
Don't be afraid of globalization. This economic trend that is bringing millions around the world out of poverty does not mean there is less for you. Next time you get a chance look at the people that are staging the "globalization" protests. They are freaks, mostly communists. |
Just read Alan Greenspan's book this summer and he paints a little different picture for the U.S. American's at or below the poverty level are rising at the fastest percentage points, now around 20% of Americans, and the increases in the wealthiest have gone from the top 10% to top 1% of Americans. The gap between the wealthiest and the poorest is at a record level.
While AG predicts that globalization will be good for the world economy and for workers of the decentralized former communist governments who have been unleashed to the worldwide supply of workers by the millions...this will put pressure on American workers. The worldwide "checkbook" must balance. And when capital is taken out of the U.S. and sent abroad...there is definitely less left for Americans. Just look at the value of our currency.
Bottom line, U.S. workers are going to have to be more productive, efficient, skilled and educated to compete with the globalized workforce. AG coins the term "creative destruction"...which pretty much means there will be less for the average U.S. worker. At least in the short term. Long term...too many factors...not the least of which is how China will decide to govern their economy.
It's going to be a bumpy ride going forward.
I'm not saying it's good or bad....just what it is.
However, AG also defends corporate executive compensation levels...and does a poor job of it at that. I didn't agree with his basis in that chapter at all.