"Yellow Vests" & The Downward Mobility Of The Middle Class | WHAT REALLY HAPPENED


"Yellow Vests" & The Downward Mobility Of The Middle Class

Capital garners the gains, and labor's share continues eroding. That's the story of the 21st century.

The middle class, virtually by definition, is not prepared for downward mobility. A systemic, semi-permanent decline in the standard of living isn't part of the implicit social contract that's been internalized by the middle class virtually everywhere:living standards are only supposed to rise. Any decline is temporary.

Downward mobility is the key context in the gilets jaunes "yellow vest" movement in France. Taxes and prices rise inexorably while wages/pensions stagnate. The only possible outcome of this structural asymmetry is a decline in the standard of living.

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