Why America Has a Two-Track Economy
Depending on where you live, your education and job, things are either pretty great or pretty bad.
Bloomberg, September 27, 2018
I have been writing about the economic recovery — pretty much since the beginning 9 or so years ago — in very constructive terms. I have pointed out that wages had begun to tick up a few years ago. I also pointed out that the recovery has been lumpy, unevenly distributed, with distinct winners and losers.
All of those musings were descriptive; this time out, I decided to see if we could figure out how this dual track recovery had come about.
The result is today’s discussion, Why America Has a Two-Track Economy, where we explore 4 theories:
1. The credit crisis changed everything;
2. Unions declined;
3. Capital was rewarded instead of labor
4. The vast American middle class was a historical aberration
Feel free to share your feedback here.
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I originally published this at Bloomberg, September 27, 2018. All of my Bloomberg columns can be found here and here.
