It was this segment of the population, almost exclusively, that held the key to future growth and future returns. But that’s largely because the prospects facing people without a college degree have been flat or falling.
And for the purposes of investment decisions, the second group didn’t matter; tracking its spending habits or worrying over its savings rate was a waste of time. In his working paper “People People,” Weinberg and two co-authors found that interpersonal skills typically become more highly valued in occupations in which computer use is prevalent and growing, and in which teamwork is important.
The analysts, Ajay Kapur, Niall Macleod, and Narendra Singh, had coined a term for this state of affairs: In a plutonomy, Kapur and his co-authors wrote, “economic growth is powered by and largely consumed by the wealthy few.” America had been in this state twice before, they noted—during the Gilded Age and the Roaring Twenties. And indeed, because the stock market has rebounded while housing values have not, the middle class as a whole has seen more of its wealth erased than the rich, who hold more-diverse portfolios. To read the complete article, check out other material, sign up fir free email alerts, and obtain subscription information, please click here. And indeed, this strategy is no cure-all. Jeffrey Brown speaks with author Don Peck about his take on the erosion of America's middle class. If we aim to increase our national investment in innovation, and to provide more assistance to people who are falling out of the middle class (or who can’t step up into it), that’s even more true. In 1967, 97 percent of 30-to-50-year-old American men with only a high-school diploma were working; in 2010, just 76 percent were. For most of the aughts, that trend was masked by the housing bubble, which allowed working-class and middle-class families to raise their standard of living despite income stagnation or downward job mobility. It is hard to imagine an adequate answer to the problems we face that doesn’t involve greater redistribution of wealth.Soaking the rich would hardly solve all of America’s problems.

Buffett has been investing.”“The rich seem to be on the road to recovery,” says Emmanuel Saez, an economist at Berkeley, while those in the middle, especially those who’ve lost their jobs, “might be permanently hit.” Coming out of the deep recession of the early 1980s, Saez notes, “you saw an increase in inequality … as the rich bounced back, and unionized labor never again found jobs that paid as well as the ones they’d had. Since 1990, they’ve been responsible for 31 percent of the growth in real GDP.Yet for all their outsize presence, multinationals have been puny as engines of job creation. From 2009 to 2010, wages were essentially flat nationwide—but they grew by 11.9 percent in Manhattan and 8.7 percent in Silicon Valley. Many of the deepest economic trends that the recession has highlighted and temporarily sped up will take decades to fully play out. The “great complexity” of a global economy in rapid transformation would be “exploited best by the rich and educated” of our time.Kapur and his co-authors were wrong in some of their specific predictions about the plutonomy’s ramifications—they argued, for instance, that since spending was dominated by the rich, and since the rich had very healthy balance sheets, the odds of a stock-market downturn were slight, despite the rising indebtedness of the “average” U.S. consumer. 23. The financial crisis of 2008 was global, but job losses hit America especially hard. If a few financiers choose to decamp for some small island-state in search of the smallest possible tax bill, we should wish them good luck.Yet if that period was unusually kind to the middle class, the one we are now in the midst of appears unusually cruel. Excluding capital gains, top earners saw their share of national income rise even in 2008. Over the next decade or more, even if national economic growth is strong, what we do to help and support moderately educated Americans may well determine whether the United States remains a middle-class country.There would be no better tonic for the country’s recent ills than a resumption of the rapid advance of skills and abilities throughout the population. In March, the national unemployment rate was 12 percent for people with only a high-school diploma, 4.5 percent for college grads, and 2 percent for those with a professional degree.Housing crashed hardest in the exurbs and in more-affordable, once fast-growing areas like Phoenix, Las Vegas, and much of Florida—all meccas for aspiring middle-class families with limited savings and education.

Fr.


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