A Quote by Chrystia Freeland
Shipping middle-class jobs to China, or hollowing them out with machines, is a win for smart managers and their shareholders. We call the result higher productivity. But, looked at through the lens of middle-class jobs, it is a loss.
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The size of the U.S. middle class has been shrinking. Wages have been stagnant. We don't have those factory jobs that paid a living wage and enabled a family to have a home where the wife did not have to work. But we sent our factories abroad and there is no likelihood of getting them back. Equally worrisome is that some managerial jobs and professional jobs (such as lawyers) which support middle class life are threatened by automation.
The economic reality is that, thanks to smart machines and global trade, the well-paying, middle-class jobs that were the backbone of Western democracies are vanishing.
Look at what's happening between Main Street and Wall Street. The stock market index is up 136 percent from the bottom. Middle class jobs lost during the correction: six million. Middle class jobs recovered: one million. So therefore we're up 16 percent on the jobs that were lost. These are only born-again jobs. We don't really have any new jobs, and there's a massive speculative frenzy going on in Wall Street that is disconnected from the real economy.
The hollowing out of the middle class. That's not just about capitalism or the structure of taxation. That is also about the fundamental truth that machines can do a lot of things better than humans used to do. A lot of those people are being pushed down to do less value-adding jobs, so they get paid less money.
The bottom line is there are lots of problems that were not created by government. The biggest one is loss of middle class incomes, loss of good-paying jobs which was created by technology and globalization. Above all, when you can move a job to China or India, it reduces wages.
What hinders the middle class the most is taxes, and what hinders business from creating jobs and moving people into the middle class are regulations.
Growing up in Buffalo, I saw shuttered factories that once housed thousands of steel manufacturing jobs. I remember the hollowing-out of the middle class in our community. I witnessed hope turn to hardship as a once-thriving city reckoned with a fast-changing world.
The government decides to try to increase the middle class by subsidizing things that middle class people have: If middle-class people go to college and own homes, then surely if more people go to college and own homes, we’ll have more middle-class people. But homeownership and college aren’t causes of middle-class status, they’re markers for possessing the kinds of traits — self-discipline, the ability to defer gratification, etc. — that let you enter, and stay, in the middle class. Subsidizing the markers doesn’t produce the traits; if anything, it undermines them.
We are the ones looking out for the middle class. Who do think pays for the endless expansion of government? Its middle class taxpayers. Our reforms protect middle class taxpayers.
I was not from a middle-class family at all. I did not have middle-class possessions and what have you. But I had middle-class parents who gave me what was needed to survive in society.
The Trump administration's economic agenda is the right agenda. Corporate taxes have been driving capital and brains and companies overseas for a decade. It has caused huge damage in investment and jobs and productivity. It was a mistake. We have to fix it. Counterintuitively, that usually helps middle-class wages, and lower-class wages, and job formation.
It`s not just Republicans. It`s Republicans and Democrats. It`s middle class, lower middle class, working class Americans who have felt the angst, who are frustrated, who are angry as a result of 1% growth which, in my view, has been really the issue that has propelled Donald Trump from day one.
In order to have middle-income, middle-paying jobs, the kinds of jobs that allow people to get ahead, you have to have higher level of training and skill acquisition and education than ever before.
It's - the working class of San Francisco and the Bay Area is being pushed out of its old neighborhoods because of the skyrocketing cost of housing, and there's no real working class left because these are jobs for engineers and managers and designers - very smart people.
I've already begun to put pilot programs in place that give CUNY grads opportunities to get good tech jobs. We should expand on that so that New Yorkers are getting those jobs, because those jobs are probably one of the biggest 21st Century pathways into the middle class.
Remember travel agents? Remember how they just kind of vanished one day? Well, that's where all the other jobs that once made us middle class are going, to that same magical, class-killing, job-sucking wormhole into which travel agency jobs vanished, never to return.
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