This is an interesting Bloomberg article published in the Japan Times. It’s well worth a read. Check it out!
Personally, I think that the article oversimplifies, just focusing on:
- Increased Robotics
- Reduced power of organized labor (unions)
- Increased competition from China
I suggest that there are other thread to be explored.
Firstly, there’s ‘the increasing share of the national wealth with the top 1%’.
Secondly, the American Dream is struggling to service growing debt levels and the lower payoff from investing in education.
Thirdly, there’s an increasing polarization in US politics, with less power for the middle classes.
As a foreign observer, I have an open question:
What has President Obama really done for the US middle classes?