Where We Live Now

Brad DeLong summarizes the ongoing restructuring of American society:

  1. The rise of a very powerful, successful, exploitative upper class.
  2. Further increases in inequality as the tax and transfer system becomes less progressive.
  3. Increases in risk that threaten to move middle-class families sharply downward in the wealth distribution.
  4. Skill-biased technical change that sharply raises the benefits to education.
  5. Holes in the safety net–the fall in the value of the minimum wage, time-limited welfare, and so forth.
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