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In reply to the discussion: Middle class decline looms over final years of Obama presidency [View all]moondust
(20,011 posts)Last edited Thu Feb 12, 2015, 07:21 PM - Edit history (2)
Countries trading domestically produced goods and raw materials. That was generally good and not what has ravaged the job market and middle class.
It's the closing of thousands of factories and offshoring millions of jobs, lots of automation along the way, and financialization that rewards investment/gambling/insider trading rather than work that have led to the inequality and disappearing "good" job opportunities of today. That all got started pretty much in the 70s and then took off in the 80s, 90s, and 2000s.
I'm so old I can remember when electronics and textile products were mostly "Made in USA."
This article from November 2013 frames it as a "forty year slump" starting around 1974.