The real heresy here is the American economy is now rigged for downward mobility.
In the conventional narrative, one’s economic class is overshadowed by one’s political belief structure: liberal, conservative, libertarian, etc. In terms of economic class, the conventional narrative divides people into their ideological beliefs about economic ideologies: free market capitalism, socialism, etc.
Economic class is one of the few remaining heresies in America: in the conventional narrative, it doesn’t exist or is meaningless due to the tremendous social mobility of the American populace: the working class stiff is one wise decision way from middle class status, and the middle class worker is one wise investment away from becoming wealthy.
What the conventional narrative purposefully ignores is the potential for downward mobility, in which one bad decision or investment triggers a drop in economic class and future financial prospects. I’ve been writing for years about the diminishing number of slots in America’s upper middle class, and the realities of diminishing social mobility has been documented by research. As the recent college admissions scandal has highlighted, those already in the upper middle class have privileges such as alumni preference denied the lower classes. Those who already own assets have profited immensely from the credit-bubble economy while those without assets have been priced out and squeezed by relentless increases in rent, healthcare, childcare etc.
The Increasingly Fragile Upper-Middle Class February 8, 2016
Rich Middle Class, Poor Middle Class April 9, 2015
The heresy I’m proposing here is one’s economic class matters more than one’s purported ideological or political beliefs. The second half of my heretical proposal is that one’s political leanings divide very neatly along a single fault line: Are your economic-financial prospects brightening or diminishing? Put another way: are you more likely to experience downward mobility (the reality for most in the bottom 90% and even many in the top 10%) or the conventionally expected upward mobility?
Those who recognize their precarious hold on their current economic class and the increasing risks of downward mobility are the infamous “
As a general rule, the top 20% support the status quo because the status quo works well for them: they own assets, they feel secure in their jobs, and they feel they are upwardly mobile. Interestingly, wealth and income don’t matter as much as we suppose. Those with high incomes and substantial wealth who feel vulnerable to downward mobility are much more critical of the status quo and more likely to vote along “deplorable” lines for outsider candidates. The real heresy here is the American economy is now rigged for downward mobility, which fuels the rise of the “
The greatest sin in America is to recognize downward mobility is now like gravity: the upper-middle class household that loses a high-paying job and places the wrong bet in the credit-bubble casino is one slippery step from becoming a “deplorable.”
Pathfinding our Destiny: Preventing the Final Fall of Our Democratic Republic ($6.95 ebook, $12 print, $13.08 audiobook): Read the first section for free in PDF format.
My new mystery The Adventures of the Consulting Philosopher: The Disappearance of Drake is a ridiculously affordable $1.29 (Kindle) or $8.95 (print); read the first chapters for free (PDF)My book Money and Work Unchained is now $6.95 for the Kindle ebook and $15 for the print edition.Read the first section for free in PDF format.
If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com. New benefit for subscribers/patrons: a monthly Q&A where I respond to your questions/topics.
NOTE: Contributions/subscriptions are acknowledged in the order received. Your name and email remain confidential and will not be given to
THIS ARTICLE ORIGINALLY POSTED HERE.