Posts tagged "economy"
The Dual Economy

The Dual Economy

In his new book The Vanishing Middle Class, MIT economist Peter Temin provides a short and accessible take on this country’s deeply unequal economy, which he argues now represents two different Americas. The first is comprised of the country’s elite workers: well-educated bankers, techies, and other highly skilled workers and managers, members of what he calls the “finance, technology, and electronics sector” (FTE)—the leading edges of the modern economy. A fifth of America’s population, these individuals command six-figure incomes and dominate the nation’s political system, and over the past half-century, they have taken a greater and greater share of the gains of economic growth. The other America, what he calls the “low-wage sector,” is the rest of the population—the dwindling ranks of clerks, assemblers, and other middle-income workers, and an expanding class of laborers, servers, and other lowly paid workers.

Drawing on the work of the Nobel Prize-winning economist W. Arthur Lewis, Temin describes this new reality as a “dual economy,” where the fortunes of the first America are all but disconnected from those of the second. Free trade and technological advances allow the FTE elites to make more money, pay lower prices, and enjoy an integrated global market’s many conveniences, even as those trends sweep aside many of the good jobs that the rest of America relies upon. Increasingly isolated, elites have little reason to care about less affluent communities, and much reason to want to reduce their taxes, so they tend to favor stripping away the safety net and pulling public funds from the schools the poor and middle class depend on. The American educational system, which used to be an engine of upward mobility that lifted many children of parents with few means into society’s upper echelons, has been split into two systems—separate and unequal.

The Spiritual Crisis of the Modern Economy

The Spiritual Crisis of the Modern Economy

I've written a piece for The Atlantic about the hollowness of our modern economy and the effect it has on the working class. Here is an excerpt:

The modern economy privileges the well-educated and highly-skilled, while giving them an excuse to denigrate the people at the bottom (both white and nonwhite) as lazy, untalented, uneducated, and unsophisticated. In a society focused on meritocratic, materialistic success, many well-off Americans from across the political spectrum scorn the white working class in particular for holding onto religious superstitions and politically incorrect views, and pity them for working lousy jobs at dollar stores and fast-food restaurants that the better-off rarely set foot in. And when other sources of meaning are hard to come by, those who struggle in the modern economy can lose their sense of self-worth.

You can read more here. At the moment (before more Trump news pushes it off), it's on The Atlantic's front page.

Extremely Exhausting

Extremely Exhausting

The Atlantic has published a piece I wrote about living in an extreme meritocracy:

Increasingly sophisticated data-gathering technologies measure performance across very different domains, from how students score on high-stakes tests at school (or for that matter, how they behave in class), to what consumers purchase and for how much, to how dangerous a risk—or tempting a target—a prospective borrower is, based on whatever demographic and behavioral data the credit industry can hoover up.… Statistical models that measure performance have biases that arise from those of their creators. As a result, algorithms are often unfair and sometimes harmful.… But as serious as their shortcomings are, the widespread use of decision-making algorithms points to an even bigger problem: Even if models could be perfected, what does it mean to live in a culture that defers to data, that sorts and judges with unrelenting, unforgiving precision?

Here’s the full story.

Page 99 of My New Book on Unemployment

Page 99 of My New Book on Unemployment

I participated in Marshal Zeringue's Page 99 Test at the Campaign for the American Reader. The blog is based on a quote by the writer Ford Madox Ford: "Open the book to page ninety-nine and read, and the quality of the whole will be revealed to you." New authors talk about the ninety-ninth page of their book and what it says about its larger themes. Here's what I wrote about my book Cut Loose:

Page 99 talks about how the unemployed deal with the depression and anxiety that come from losing part of their identities. Work is central to our sense of self—it’s often the first question we ask someone we meet—and during the workday we build friendships that sustain us throughout our lives. Many of the people I interviewed felt isolated. Friends could no longer relate. Relationships with spouses and children became strained. Unable to provide the way they used to, they found themselves mired in blame and doubts.

Op-Ed on the Fight for a $15 Minimum Wage

Op-Ed on the Fight for a $15 Minimum Wage

Newsday has published an essay of mine that puts the fight for a $15 minimum wage within the big-picture context of my new book, Cut Loose: Jobless and Hopeless in an Unfair Economy.