One of the ideas that you can see expressed here on ET, especially by Jerome but also by others is that the existence of a strong middle class appears to have been a prerequisite for prosperity and democracy. Therefore the current environment in which the middle class is being destroyed doesn't bode well for the future.
It is an unfortunate paradox of the left that by lifting people into the middle class it loses their political allegiance because then people shift to wanting to lift themselves to the wealthy class. And it is a tragedy that the social democratic parties have acquired "middle class" cadres and morphed into economic-liberal parties alienating their base. The result is, as in the 30's, that a lot of the working class is turning towards fascist options. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
And the idea "that the existence of a strong middle class appears to have been a prerequisite for prosperity and democracy" is not a defense against my charge! That is part of what I've written. You can have a strong middle class and ignore the lowest 10-15% at the very same moment. Trickle down doesn't work greatly from the rich to the middle class, and it doesn't work greatly from the middle class to the real loosers of the society. Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
That is part of what I've written. You can have a strong middle class and ignore the lowest 10-15% at the very same moment.
Sorry if I offended you. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
