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Old 10-09-2019, 07:32 AM   #7364 (permalink)
sendler
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Quote:
Originally Posted by redpoint5 View Post
There is not evidence of that. The world's wealth per GDP has been on the rise with globalization and automation. An increasing number of people are no longer impoverished. Life expectancy is way up.

Perhaps resource shortages will pose a problem in the future, but that is a different issue than globalization and automation.
Wealth per GDP is an average. And the last 20 years have seen an accelerating increased concentration of the wealth accumulating at the top few percent with less going to the middle and bottom. It is happening already. It has been happening for 40 years with globalization and automation will tend to finish it off. Along with all of the other bottle necks that are converging. We are already seeing near negative interest rates throughout Europe to keep the economy from crashing.
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Everyone in the USA from about 60% and below makes less now than they did in 2000. The only saving feature is that globalization to areas of super cheap labor and reduced environmental regulations has reduced the price of gadgets and clothing so that the shrinking USA middle class can generally get by with less money. As long as they don't want a family or a car or a house or health care or secondary education or food.
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The top 1% in the USA now takes 24% of the earnings. In 1976 the top 1% took 9% of the earnings.
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https://youtu.be/QPKKQnijnsM
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