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Downward mobility in the USA
Strategos
Against Dystopia
User ID: 455233
05-19-2019 07:43 PM

Posts: 3,046



Post: #1
Downward mobility in the USA
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Quote:What the conventional narrative purposefully ignores is the potential for downward mobility , in which one bad decision or investment triggers a drop in economic class and future financial prospects. I've been writing for years about the diminishing number of slots in America's upper middle class, and the realities of diminishing social mobility has been documented by research.

As the recent college admissions scandal has highlighted, those already in the upper middle class have privileges such as alumni preference denied the lower classes. Those who already own assets have profited immensely from the credit-bubble economy while those without assets have been priced out and squeezed by relentless increases in rent, healthcare, childcare etc.

How Many Slots Are Open in the Upper Middle Class? Not As Many As You Might Think March 30, 2015

The Increasingly Fragile Upper-Middle Class February 8, 2016

Rich Middle Class, Poor Middle Class April 9, 2015

The heresy I'm proposing here is one's economic class matters more than one's purported ideological or political beliefs. The second half of my heretical proposal is that one's political leanings divide very neatly along a single fault line:

Are your economic-financial prospects brightening or diminishing? Put another way: are you more likely to experience downward mobility (the reality for most in the bottom 90% and even many in the top 10%) or the conventionally expected upward mobility?

Those who recognize their precarious hold on their current economic class and the increasing risks ofdownward mobility are the infamous "deplorables" , those who are voting for non-mainstream candidates left and right, voting for national interests over globalization and so on.

The slippery slope from upper middle class to lower middle class is greased by the neoliberal boom-bust nature of the global economy: buy at the top and be forced to liquidate at the bottom and the entire household's wealth can be wiped out.

lewrockwell.com
whatreallyhappened.com
mises.org
thunderbolts.info
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LoP Guest
lop guest
User ID: 501596
05-19-2019 08:27 PM

 



Post: #2
RE: Downward mobility in the USA
It's fun at the bottom, they kill you with song
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SkeptiSchism
Registered User
User ID: 450243
05-19-2019 08:28 PM

Posts: 7,151



Post: #3
RE: Downward mobility in the USA
Bump for CHS, good stuff.

When you stare into a mirror and nobody is there, you will know the reflection has become self aware.
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LoP Guest
lop guest
User ID: 453005
05-19-2019 09:21 PM

 



Post: #4
RE: Downward mobility in the USA
At either end of the social spectrum there lies a leisure class.
- Eric Jay Beck
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