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The Severe Middle-Class Squeeze

This Washington Post story about the recession pulling more mothers out of the home and into the workforce recalls this recent column by L.A. Times columnist

Jul 31, 2020
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This Washington Post storyabout the recession pulling more mothers out of the home and into the workforce recalls this recent columnby L.A. Times columnist Tim Rutten, who reminds us that it’s no new trend.
“[I]f you adjust for inflation,” Rutten writes, “the average income of American males has not grown in real terms since the 1970s.”
Most families have compensated for that by sending mom to work outside the home. (The simultaneous push for equality by the women’s movement masked the fact that significant numbers of women now in the workforce were drafted by economic necessity.)
Furthermore:
The wholesale flight of American employers from the responsibility of maintaining traditional pension plans forced tens of millions of 401(k) participants into the equity markets to secure their retirements. The crash erased $5 trillion from their accounts.
Add to this mix an unemployment/underemployment ratenear 20 percent — not to mention the fact that the economy created precisely zero net jobsover the last decade — and the true extent of the troubles facing the nation’s middle class begins to emerge.
Something to think about while some in Congress see a solutionin more free trade agreements.
Dexter Cooke

Dexter Cooke

Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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