Remember what I have described as convergence?
That, among other things like wage substitution, is what has been happening to lower income people here.
They can even have a low paying job and still not make it.
That trend will only continue to accelerate.
More and more people will be making less and less in relation to what is required to live, even as what is required to live has tended to fall along with purchasing power.
A large number of people are without jobs, because jobs require a social and economic system promoting employment at a certain wage level, and our system has long ago abandoned that objective even as an ideal.
Terms search: inflation deflation, red herring, convergence, Piketty, Ferguson
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