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Until we can reverse the decline in working class opportunities and standard of living

Unfortunately that is unlikely to occur.

The number of middle income jobs wil continue to decline thru 1-technology; 2-demand combined with an 3-education bubble as large as the real estate bubble of that recently burst.


Paul Beaudry, David A. Green, and Benjamin M. Sand have a paper with an intriguing abstract, which says in part,

Many researchers have documented a strong, ongoing increase in the demand for skills in the decades leading up to 2000.
In this paper, we document a decline in that demand in the years since 2000, even as the supply of high education workers continues to grow. We go on to show that, in response to this demand reversal, high-skilled workers have moved down the occupational ladder and have begun to perform jobs traditionally performed by lower-skilled workers. This de-skilling process, in turn, results in high-skilled workers pushing low-skilled workers even further down the occupational ladder and, to some degree, out of the labor force all together.

The college degree is becoming the new high school diploma: the new minimum requirement, albeit an expensive one, for getting even the lowest-level job.

Consider the 45-person law firm of Busch, Slipakoff & Schuh here in Atlanta, a place that has seen tremendous growth in the college-educated population. Like other employers across the country, the firm hires only people with a bachelor’s degree, even for jobs that do not require college-level skills.

This prerequisite applies to everyone, including the receptionist, paralegals, administrative assistants and file clerks. Even the office “runner” — the in-house courier who, for $10 an hour, ferries documents back and forth between the courthouse and the office — went to a four-year school.

3-education bubble
A personal example. My first quarter[1969] tuition @ Ohio State University was $220/quarter or $660/year. Minimum wage jobs paid $1.60/hour.
Currently that university is on a semester system. A student taking a full load in Bus Adm pays $5,781.60/semester or $11,563.20/year*. Minimum wage jobs pay $7.25/hour. Methinks it does follow that fewer can pay those fees without taking on significant debt. And many of those will end up doing low pay jobs not utilizing their education.

a chart of education bubble:

Many boomers have insignificant retirement savings & will remain in their jobs as long as possible negating somewhat the exodus from the workforce. They will however be utilizing entitlements. And without reform of those unfunded future liabilities will be the total of entire US budget.
Wolf said the CBO projects that by 2025, every penny of the federal budget will go to interest on the debt as well as spending on Medicare, Medicaid and Social Security.

The boomer entitlements claim +high energy prices +high education cost +more technology +reduced number of middle income jobs does lead to an economic decline. Certainly not to a third world status; but a less generous future.

And yes the spendy republican, or as I like to call them the democrat-lite party had an equal share in the blame as both parties diligently do a kabuki dance to distract the voter from the realization they are the same. Selling influence to corporate interests.

latest example:

Washington wants to get tough on spending—but in the latest round of payment rates for private Medicare plans, insurers emerged victorious.

In February, the federal agency that runs Medicare proposed steep rate cuts to insurers for running these plans, on top of another layer of cuts called for in the federal health overhaul. One key payment metric was set to fall 2.2% under the initial proposal.
That set off the insurance industry's most intense lobbying campaign in years, according to those involved, and it brought together
an unusual coalition of Republican and Democratic lawmakers to push for stopping the cuts.

With this strong backing, insurers won the biggest item on their wish list: an unusual change in how the Centers for Medicare and Medicaid Services factors in rates it pays doctors, which has a big effect on how much the government pays companies running Medicare Advantage plans. Historically, the agency, known as CMS, has calculated the payment rates under the assumption that a cut in Medicare payments to doctors—estimated at roughly 25% next year—would take effect even though Congress typically delays it.
This time, Health and Human Services Secretary Kathleen Sebelius intervened to let the agency assume the doctor-payment cuts wouldn't take place, according to CMS's late Monday announcement.

So much for medicare savings to fund Obamacare.

I wonder if the list of the 160 will be made public so the voters can see who sold their vote.
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