America’s middle class is deeply concerned about jobs, pay and their future, and many of them are blaming China.
In the U.S., 43% of voters believe trade with other countries is a bad thing, according to the Pew Research Center. It’s not that hard to understand why.
China’s middle class is booming while America’s middle class is stagnating. A typical family in China has experienced the “Asian miracle,” an astonishing 70% bump in their income from 1988 to 2008.
But the middle class in the U.S. and across the developed world has stagnated: incomes rose a mere 4% over that 20-year same period, according to economist Branko Milanovic. He studies pay and wealth around the world and just published a new book, “Global Inequality.”