Are You Sure You Want the Job?
the Internet and global supply chains drove profitability up and the cost of labor and goods down. Interest rates were low, and although the income of men without college degrees declined, it was masked by rising home prices, subprime mortgages, easy credit, falling taxes and women joining the work force, so many household incomes continued to rise.
“Up until the year 2000, over 95 percent of the next generation were better off than the previous generation,” said Richard Dobbs, a director of the McKinsey Global Institute. Therefore, even though the rich were getting even richer than those down the income ladder “it did not lead to political unrest because the middle was moving ahead, too” and were sure to be richer than their parents.
.. When you are advancing, you buy the system; you don’t care who’s a billionaire, because your life is improving. But when you stop advancing, added Dobbs, you can “lose faith in the system — whether that be globalization, free trade, offshoring, immigration, traditional Republicans or traditional Democrats. Because in one way or another they can be perceived as not working for you.”