Is it possible to bounce back?
There’s no doubt that the economy of 2030 will be a tough competitive landscape for everyone, especially for people in places like Buffalo. The researcher found that although more than half had managed to recover from the crisis, 70 percent had been unable to take advantage of opportunities in new technology and service sectors between 1970 and 2016. Among the best-performing cities and countries were Brooklyn, Queens, and Buffalo, in New York; Philadelphia; St. Louis; and several around Boston. Others are still performing, including Albany, New York; Dayton Ohio; and Detroit and Flint, in Michigan. Just a few factors account for the differences in success: the presence of major research universities, local political support for quality of life initiatives that attract a diverse pool of talent, and openness to immigration. Thus the fortunes of the American middle class differ by city and by geography, with some metropolitan areas experiencing growth while others remain stuck in neutral.
Ford, Amazone, and the idea of a universal basic income
Today, as segments of the old middle class begin to suffer from impoverishment, support for a government-provided universal basic income is growing on both sides of the Atlantic. The payouts reduced poverty but increase inequality, most likely because wealthier households reinvest the dividend while poorer ones spend it. Regardless of the balance of benefits and costs, the entire scheme rests on the assumption of stead oil revenues, which are threatened by price volatility and the depletion of existing old fields. This uncertainty results in bitter political battles over how to allocate tax revenue across government programs.
Middle-class insecurities
But the middle class is not the only transformational force nowadays. As we’ll see next, the rise of women as earners and wealth holders is the other massive engine of change.
2030 by Mauro.F.Guillen: 91–96
