Wealthy See Gains as Middle-Class Loses Jobs

U-T San Diego-- Some would argue that increasing inequality doesn’t matter, as the poor in the United States still have it much better than the poor elsewhere in the world. While that is true, the squeezing of the middle class is slowing economic activity. Economists talk of a “virtuous cycle” in which increased employment leads to increased income, which in turn leads to more consumption, more sales, and more hiring, thus repeating the cycle. The loss of middle-class jobs means less employment and income, which reduces the impact of the cycle and slows growth. (Full story)

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