The comment wasn’t on the trend or where things are going and the historical progress the country has made. The comment was on the current state of the economy. The fact that wealth concentration creates its own unique challenges. If as many people were unemployed and in poverty (or in the low income bracket) in the US or any other developed nation, the living conditions would have been drastically deteriorated. The consumer market would have shrunk to the point where most people couldn’t afford to buy chips and soda.
Poverty is decreasing because innovation is creating more jobs. Everything hinges on the fact that people can earn a living and spend their money to generate more jobs. If AI replaces those jobs you’re going the other way.
Right, every economic system we've thought up relies on the assumption that everyone works. Or, close to everyone. Capitalism is just as much about consumption as it is production.
Labor force participation rate has increased pretty drastically since 1950. I'd imagine due to better medicine and treatments that allow people to work when they otherwise wouldn't.
But, 62% is very high. Keep in mind that number takes into account not only the elderly and disable, but also children.
Pretty much everyone who can work is working. We don't want children to be working, that's bad. We should all be on the same page about that.
