Fun thread guys.
My tiny contribution; essentially, the American economy is turning into something resembling an emerging economy like Brazil; where a chasm exists between the top 1%, a shrivelled and weakened 'middle class', and a vast 'underclass' of indebted, low wage earners who greatly depend upon government assistance for their very survival. Labour participation is also at record low.
Bloomberg:
"After years of declines, America’s middle class now holds a smaller share of U.S. wealth than the top 1%.
The middle 60% of U.S. households by income -- a measure economists often use as a definition of the middle class -- saw their combined assets drop to 26.6% of national wealth as of June, the lowest in Federal Reserve data going back three decades. For the first time, the super rich had a bigger share, at 27%.
The data offer a window into the slow-motion erosion in the financial security of mid-tier earners that has fueled voters’ discontent in recent years. That continued through the Covid-19 pandemic, despite trillions of dollars in government relief."
There is the possibility the unfolding global economic turmoil of the post-pandemic period could lead to positive change, at least in a few places. Lets be optimistic! But this is a global phenomenon, the middle class is shrinking or weakening pretty much everywhere. Much depends on the politics, who has the votes in Congress and the Senate ect...