Country ... USA
Eco-Metrics ... Pew Report 2012

August 2012 ... Pew Report on Social Trends ... The Lost Decade of the Middle Class

COMMENTARY
This is a timely rpoert providing further confirmation of the catastrophic policies that have been followed in the United States for a very long time, and particularly in the decade since 2000.

Though the report is clear about the economic trends, traditional academic economic analysis seems incapable of much clarity about the underlying causes of the trends, and the many suggestions made to resolve issues always make assumptions about economic behavior that are weak if not downright wrong.

I went through a fairly rigorous academic training more than 50 years ago. One of the 'takeaways' from my education was that my university only taught me what it knew, something that is not unreasonable. How do you teach something that you do not know! Fortunately I had a very wise tutor who shared with me the idea that there is a process to learning which transcends what you are taught. Speecifically he advised that learning required the acqusition of data, rigorous analysis and then some drawing of conclusions. He noted that merely that some conclusions are published does not mean they are right or have much meaning.

What was a rather limited problem ... that is professors teaching only what they know ... fifty years ago is a much bigger problem today. Less people went to University 50 years ago and relatively speaking, professors were of a higher quality and knew more. While there is more knowledge in aggregate, which should be good, the opportunity to choose what one teaches of this vasdt body of knowledge is greater, and this is problematic.

One of the big things I have learned in my post university experience is that there is a huge amount of corruption in high places. Initially I though of corruption in relatively simple terms ...as in bribery and corruption ... but over time I have come to realize that corruption is way bigger than this. In fact, the whole system of society and economy is cancerously corrupt with almost every rich and powerful individual and organizanion deeply engaged in practices that make it impossible for equitable justice to prevail. I hate the word 'impossible' but it is the right word for this situation, and it will stay 'impossible' as long as people remain oblivious of the fact that the important facts will never be seem by ordinary people.

This is why initiatives like WikiLeaks are so important ... and why the rich and powerful want it to disappear, or be disappeared. This is why there is so much 'secrecy' around the big 'deals' that get done by the rich and powerful in finance, business and government.

I am extremely optimistic about what is possible ... and equally pessimistic about what is probable.
Peter Burgess

Video: Lost Decade of the Middle Class

Since 2000, the middle class has shrunk in size, fallen backward in income and wealth and shed some — but by no means all– of its characteristic faith in the future. Our new report explores how middle-class Americans view themselves, as well as their outlook on the future and on the presidential candidates who are courting their votes.

This video provides a summary of findings about the middle class.

Read the Full Report: The Lost Decade of the Middle Class