Winners and Losers in the American Capitalistic Economy

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Economists agree that the new global economy has improved living standards worldwide but has also suppressed the incomes of low-skilled workers in wealthy nations like the United States. Some attribute rising income inequality to social issues, including the emergence of terrorist organizations and increasing suicide rates among middle-class Americans. The economic decline of the American middle class is contributing to voter unrest, particularly evident during the 2016 presidential primaries. Recent studies reveal that middle-class incomes are shrinking faster than those of lower-income Americans, with more individuals from the middle class descending into poverty. In contrast, higher-income Americans are seeing their wealth grow, leading to a demographic shift: in 1971, 61% of adults were middle class, but by 2014, this number had fallen to 50%. Meanwhile, the percentage of low-income Americans increased from 25% to 29%, and those in the highest income brackets rose from 14% to 21%. This trend illustrates the erosion of the American middle class. Understanding these issues requires a grasp of economics and the workings of the American capitalistic system, which many find daunting. The author, Professor W. Sherman Rogers, aims to demystify these concepts for everyday Americans. With his extensive background in law and economics, he seeks to clarify how the economy operates and the implications of various economic theories