Paul Krugman: America’s Unlevel Field

[Warpy]

3. There's plenty of socioeconomic mobility

During my whole lifetime, I've seen that mobility head downward for all of us in the bottom 95%. Only the top 5% has seen any upward mobility, and I put people like Bill Gates into that category. Don't forget that his daddy was well enough off to send Bill to Harvard instead of a state school where he'd never have found the same business contacts.

Now what is officially called poor is really destitute. What is called working class is now poverty level. What is called middle class is really working class, paycheck to paycheck. The upper middle class is barely hanging on to being middle class, still able to save and invest but not much. This has been the pattern my whole working life, this redefinition of our class that makes us think we are who we've always been. The declining expectations and standards of living let us know otherwise.

This is the end game. It can't continue much longer. The only question is whether we'll be allowed another peaceful revolution or if this one will have to be violent. I sincerely hope it's the former. I'm too old for the latter.