The working class is right to complain. Since the 1970s, a significant number of workers has been stuck in low-wage jobs. Despite economic booms, such as the Reaganomics in the 1980s, the dotcom boom in the 1990s, and the housing boom of the 2000s, these workers have not benefited from real wage increases. Instead, they have faced unemployment and economic crises, causing fear and uncertainty as during the economic crises of 1974, 1982, 1991, 2001, 2008 and 2020.
In addition, unaffordable housing has made it difficult for workers to move to cities with job opportunities, while healthcare costs are a burden for many, and college costs continue to rise, leaving graduates in debt for years.
Meanwhile, the wealth and wage gaps between the rich and poor are widening, which results in rising social discontent.
No solution in sight?
The issue of inequality has persisted for decades, and there appears to be no unanimous solution in sight for the future. Worse, the rise of robotics and Artificial Intelligence could exacerbate the issue, as much as the costs associated with transitioning to green energy, which all could disproportionately affect low-income households.
This book aims to address fundamental questions surrounding the issue of inequality. It will explore potential solutions, as well as debunk naive proposals for the government to realistically address the issue. Despite the complex nature of the issue, it is essential to lay the foundations for finding a viable solution.
Vincent Lannoye was born in the US and grew up in Belgium in an industrial family, which sparked his curiosity to analyze and critique economics and politics. An engineer with an MBA from Edhec France, today he works in high-tech in Silicon Valley. His past, his passion for history, the lack of works explaining money and banks, and his monetary ideas, all have inspired him to write about economics.