MIT Professor : US regressed to a Third World Nation for most of it's Citizens

The richest large economy in the world, says Peter Temin, Professor Emeritus of Economics at MIT, is coming to have an economic and political structure more like a developing nation.

We have entered a phase of regression, and one of the easiest ways to see it is in our infrastructure: our roads and bridges look more like those in Thailand or Venezuela than the Netherlands or Japan.

But it goes far deeper than that, which is why Temin uses a famous economic model created to understand developing nations to describe how far inequality has progressed in the United States.

The model is the work of West Indian economist W. Arthur Lewis, the only person of African descent to win a Nobel Prize in economics. For the first time, this model is applied with systematic precision to the U.S.

theintellectualist.co...

Here' a more longer version of the same article:

www.ineteconomics.org...

In the longer article, the professor even admitted politicians are race baiting:

A majority of the low-wage sector is white, with blacks and Latinos making up the other part, but politicians learned to talk as if the low-wage sector is mostly black because it allowed them to appeal to racial prejudice, which is useful in maintaining support for the structure of the dual economy — and hurting everyone in the low-wage sector. Temin notes that “the desire to preserve the inferior status of blacks has motivated policies against all members of the low-wage sector.”

While fake news says the economy is recovering, it seems even an MIT professor admitted our country is going down the hill.

a reply to: starwarsisreal

Look up "Kali Yuga".....

Obama and the uniparty globalists: "MISSION ACCOMPLISHED!"

I was just talking to a guy yesterday who is in his early 30s who is moving from the usa back to poland. He says life was better and more comfortable as a working stiff in poland than grinding it out in the usa was/is. That says something.

a reply to: BASSPLYR

Not just the US. I think Ewok or another UK member made a thread about how Poland is better than even the UK.

This predates Obama by many years but I understand most Americans can't understand it.

a reply to: starwarsisreal

This is what happen's when Runaway capitalism is embraced with no concern for wealth re-distribution, it is essentially strip mining the economy for all it's wealth into a few bank account's, and that is what the Tory's want for us in the UK as well.

a reply to: roadgravel

I made a thread one time like a few years ago asking why most Americans refused to believe the country is going downhill and that they think things will be better. Some members said they just don't want to hear it and pretend everything is okay.

www.abovetopsecret.com...

These Americans are in for a rude awakening should SHTF.

In the Lewis model of a dual economy, much of the low-wage sector has little influence over public policy. Check

That's a lie. social programs is enough proof of that.

The high-income sector will keep wages down in the other sector to provide cheap labor for its businesses.Check.

That's another lie considering the benefits of employees never get factored in on top of wages that have increased for over a century.

Social control is used to keep the low-wage sector from challenging the policies favored by the high-income sector. Mass incarceration – check.

Less than one percent of the total us population is incarcerated.

MIT fails.

Not true at all !

The poorest of our citizens still live way above the level of a third world country.

They still have a smart phone and can post on ATS.

a reply to: Groot

But that will change though in a decade though. While yes at this point the poorest have smartphones and can post in ATS, that may change once the economy sinks even further and unemployment rates are increasing.

neo96


Wrong, over the last century REAL AVERAGE not the high wage relative to real world cost of living inflation has fluctuated but mainly fallen, taxation has moved from large corporation's and business onto the wage packet of the employee's over the same time period.

In 2013 the US had about 1 in 35 adult's in prison and the highest rate of incarceration in the developed world, couple that with the fact the US police and prison's are often private contractor's and often working for the same private owner's there is also an incentive to incarcerate people as it make them a lot of money.

MIT seldom fail's mate they are as you should be aware and proudly so one of the most prestigious university's in the world.

a reply to: neo96

Well the problem is there are already proposals take out Social Programs like the Affordable Healthcare Act.
It's inevitable many more Social Programs will be slashed in the future.

Well let's look at the bright side.
We won't need any MIT professors.

originally posted by: Groot
Not true at all !

The poorest of our citizens still live way above the level of a third world country.

They still have a smart phone and can post on ATS.

Paid for by those of us working twice as hard as we should have to so we can afford the 50% tax rate

Things will get rough if we can't get some industry going in this country.

originally posted by: starwarsisreal
a reply to: Groot

But that will change though in a decade though. While yes at this point the poorest have smartphones and can post in ATS, that may change once the economy sinks even further and unemployment rates are increasing.

From what I see locally and from hearing from people around the country in big and little cities, we are booming right now. In the US, if you drive around and see tower cranes, that is alot of work going on at that project. From skilled workers to just general laborers.

That means new office jobs for those that work in cubicles.

People are investing in the future right now.

They economy is not sinking and the unemployment rate should not be increasing. They're are for hire signs everywhere here in Kentucky.

If the unemployment is increasing is because lazy MF don't want to work, and would rather rely on the government.

Hate to tell you, but that free ride is over.

Ya we know every job has 100's of applicants still.

a reply to: Groot

Labor Force

Apparently tens of millions of baby boomers retired and no one took over their jobs.

Weird huh???

a reply to: starwarsisreal

Well...hopefully Trump will reinvigorate the US export and workforce. Obama certainly tanked it for the last 8 years. Skewing unemployment at they did by not counting those who ran out of unemployment after "x" months helped their figures but did nothing for those actually unemployed. Top that with increasing mandatory healthcare and you have people that can't support an economy in any fashion.

originally posted by: starwarsisreal
a reply to: neo96

Well the problem is there are already proposals take out Social Programs like the Affordable Healthcare Act.
It's inevitable many more Social Programs will be slashed in the future.

Good the free market will be forced to respond by creating more affordable and effective healthcare.

Sounds great.