Where We Live Now
Brad DeLong summarizes the ongoing restructuring of American society:
- The rise of a very powerful, successful, exploitative upper class.
- Further increases in inequality as the tax and transfer system becomes less progressive.
- Increases in risk that threaten to move middle-class families sharply downward in the wealth distribution.
- Skill-biased technical change that sharply raises the benefits to education.
- Holes in the safety net–the fall in the value of the minimum wage, time-limited welfare, and so forth.
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