Via the Huffington Post we learn that when we stack the U.S. middle-class up against other nation-states that the U.S. is ranked 27th. Countries like Iceland, Spain, and Qatar have a better standard of living for its middle-class than the U.S.
So, why is it that the U.S. no longer has the richest middle-class and standard of living in the world? The reasons are many, and are tied to issues our Congress seem to have no clue about - like events in Baltimore and Ferguson - nor any inclination to fix. Here are several of those reasons:
The top reason for our declining middle-class status is complex, but pretty straightforward.
Simply put, we have gone from being a nation that builds and provides real goods and services in the real economy to one that thinks we should focus on making money from money in the symbolic economy.
In fact, we have been disproportionately rewarding market players in the area of finance over those who work in the non-financial sector.
The financialization of our market system has turned our economy from one that strongly rewards those who produce real wealth through hard work and sacrifice to one that lavishly rewards those who extract wealth by securing favorable legislation, deregulation, and regular bailouts from Congress and state houses across the country.
It's the difference between playing monopoly and building them.
Kudos to Marion for the link.