So, TPP Fast Track has passed. RIP American Middle Class

[malthaussen]

112. Well, I dunno.

In substance, I'll certainly agree that Mouring in America accelerated the downfall of the American Middle Class, but I can't help believing that the confidence LBJ had that he could supply guns and butter while funding an expensive space extravaganza wrote a lot of checks that future generations were going to have to pay. And JFK reduced taxes by a considerable percentage himself. Now, if we are going to agree that starving revenues at a period of massive spending is a bad idea when Reagan does it, then we have to concede the same when JFK does it.

Furthermore, I have a rather radical concept of economics to begin with: I believe that the rise of the Middle Class was fuelled by a labor shortage (in part artificial) compounded with an unsustainable consumer economy. The postwar labor shortage began to be eliminated as the Baby Boomers came of age, and this problem was compounded by the removal of artificial shortages imposed by the reluctance to hire women and minorities to Middle Class jobs. These conditions both came into effect at the opening of the 70's, which were certainly a tough time economically. At the same time, the unchecked growth philosophy of unbridled consumerism created some serious environmental problems which may yet bite us on the ass.

So, in sum, I wonder if the death of the Middle Class (stipulating that it is true) is so much to be mourned, especially considering the limited participation in it of a moiety of our population to begin with.

-- Mal