According to economic experts, for the first time in at least a hundred years, quite possibly ever, the American middle-class is losing ground. It's not just that the richer are getting richer, it's also "wage stagnation." Meaning that young people today cannot expect to surpass their parents, as young generations in the past could — and did.
I've learned a lot about this subject putting together a panel to discuss it (in about a month — details below). So let me post some of the more notable data graphs I've come across in the next few weeks.
Steepest drop-off in recent American history, probably ever.
This comes from Emmanuel Saez, a UCBerkeley economist who works closely with Thomas Piketty, of Capital in the 21st Century fame. Saez was one of the first we at the Ojai Chat invited to our panel discussion on June 7th, but he politely declined, saying that he received countless such invitations, and couldn't possibly do any work if he were to make time to talk about it…as we will in Ojai on June 7th.