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Ernest More's avatar

Underlying all of this is the collapse of professional ethics in legacy media. When the NYT and NPR became blatant propagandists, they inadvertently bolstered the appeal and supposed credibility of all of the types that you mention.

Geary Johansen's avatar

You forget the Centrist Dads, who simultaneous believe it's possible to bring back the Fukuyama era, there was nothing wrong with neoliberalism for the West, and Trump/Brexit was caused by new media ecosystems/Russian disinformation.

Trump was a symptom of a neoclassical economic system which fundamentally failed to understand labour dynamics and the importance of tight labour markets to social stability and the economy.

In simple terms, for every 10% added through immigration, wages for the blue collar class drop 5-10%, and the effect is twice is big on the living costs side of the equation, because lower wage migration causes demand for housing without the corresponding credit/mortgage capacity to increase supply. Overview data doesn't even really detect the problem. One has to look at blue collar in high-to-medium cost employment hubs.

Plus, they're trapped. Regardless of the method employed, retraining and education only works in 8% of cases when the demographic in question is blue collar.

Finally, they never really realised that the knowledge economy hit peak saturation back in the 2000s. Once one excludes health/education and focus only on high value $100K+ in America/£60+ in the UK, then one quickly sees that growth has been pretty incremental since the 2000s.

The neoliberals never really admitted that 'blank slate' thinking was wrong. Education can only do so much. Talent and ability, especially in relation to value add, are pretty inelastic as far as the knowledge economy goes. Besides both the US and the UK are likely to experience high levels of job losses in the high value knowledge sector. Finance and insurance will be the hardest hit. Some estimates are too conservative. In this specific area between 20-30% are likely to lose their jobs by 2030.

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