A Look at the Slow, Silent Death of America’s Middle Class
I&#x27;ve posted this many times. Its essentially been:<p>1. Money printing, which pumped assets, cutting off younger middle class from buying an affordable house. The money printing starting in 2008 patched up flaws in our economy, and there is no free lunch.<p>Along the same lines, the financialization of assets like homes in the 80s by firms like Blackstone transformed what a home was and what it costed. This was a financial innovation, almost on the same level of societal impact as Google creating search.<p>2. Immigration. The biggest lie ever told in economics was that, &quot;replaced american workers would move up the value chain and be retrained for new jobs&quot;. This never happened, and the phrase, &quot;you cant teach an old dog new tricks&quot; is true. It was a core tenant of both the left and the right.<p>3. Outsourcing. In the 90s there was a massive business arbitrage of sending whatever you could be done overseas.<p>Politicians on both sides of the isle have acted like the above three are the second coming of christ. Paradoxically, the left is pro immigrant and pro free trade, both of which actively hurts the lower and middle classes in america. Very puzzling how capitalist doctrines have been construed as left wing.<p>Last caveat I&#x27;ll say is immigrants have produced extreme value and innovation in tech. They are intelligent and dilligent. They just arent good for the american middle class.