“Yellow Vests” and the Downward Mobility of the Middle Class
by Charles Hugh-Smith Capital garners the gains, and labor’s share continues eroding. That’s the story of the 21st century. The middle class, virtually by definition, is not prepared for downward mobility. A systemic, semi-permanent decline in the standard of living isn’t part of the implicit social contract that’s been internalized by the middle class virtually everywhere:living … Read more