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Today's Economic Problems In America

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Today’s Economical Problems (An analysis of why the rich are getting richer and the poor are getting poorer) The U.S. economy appears to be coming apart at the seams. Unemployment remains at nearly ten percent, the highest level in almost 30 years; foreclosures have forced millions of Americans out of their homes; and real incomes have fallen faster and further than at any time since the Great Depression. Hamilton Nolton says that “In reality, all of the money has gone to the rich” (Nolan). Many of those laid off fear that the jobs they have lost will never return. The secure, often unionized, industrial jobs that provided wealth, security, and opportunity will never return. They are probably right. And yet a curious thing has happened in the midst of all this misery. James Myles adds interesting insight stating that “the perception that a few people are getting rich at the expense of the rest of us is fuelling a backlash” (Myles).The wealthiest Americans, among them presumably the very titans of global …show more content…

Alfred Lubrano reasons that “the polar extremes in income are, experts say, stark examples of the inequality that's growing throughout America” (Lubrano). Technological changes, particularly the information revolution, have transformed the economy, making workers more productive and placing a premium on intellectual, rather than manual, labor. Simultaneously, the rise of global markets itself accelerated by information technology has hollowed out the once dominant U.S. manufacturing sector and reoriented the U.S. economy toward the service sector. The service economy also rewards the educated, with high-paying professional jobs in finance, healthcare, and information technology. At the low end, however, jobs in the service economy are concentrated in retail sales and entertainment, where salaries are low, unions are weak, and workers are

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