During a decade of much-reported economic prosperity, the bottom 20-40% of the U.S. population has seen a drop in real wages and an increase in healthcare costs. Consumer debt has skyrocketed. So much so, that the question remains. Whose ‘boom’ is this anyways? The market economy system analyzed within.
The last decade of American economic growth has made history. High employment rates, stock market riches, low inflation and the availability of a mind-boggling array of luxury goods has brought about an unprecedented new level of American material comfort and created a phenomenal number of overnight millionaires.
Life in America, we’ve been told, is the best it has ever been. Our present pre-recession slump notwithstanding, we, the common citizens, should be celebrating our fortune for having lived and benefited from such an exciting “boom” time.
“But economic boom for whom?” ask co-authors Chuck Collins and Felice Yeskel in their new book, Economic Apartheid in America: A Primer on Economic Inequality and Insecurity.
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Author: Silja J. A. Talvi
News Service: LiP magazine