![]() ![]() "I think for a lot of people, upward mobility will be much easier. On what all this means for upward mobility So I think it will reward people who are disciplined early in their lives, and that will help a lot of people, but it also will harm some others." Once you get a bad credit score, yes, it is possible to fix it, but as you probably know, it's pretty difficult. "I think what happens is when there's more and better measurement, it's like credit scores. On how it will be harder to recover from early failures There will be a certain fragility to this existence." They may have lives that are quite happy and rewarding, but they may not have a lot of savings. It will be culturally upper or upper-middle class, but there will be the income of lower-middle class. "Imagine a very large bohemian class of the sort that say, lives in parts of Brooklyn," Cowen explains. Millions of people who might have expected a middle class existence may have to aspire to something else. The elderly will hold on to their benefits. Cowen believes the wealthy will become more numerous, and even more powerful. It's a radical change from the America of 40 or 50 years ago. And we'll also see more individuals clustering in a kind of lower-middle class existence." "We'll see a lot of individuals rising up to much greater wealth. ![]() "I think we'll see a thinning out of the middle class," he tells NPR's Steve Inskeep. In his latest book, Average Is Over, Cowen lays out his prediction for where the U.S. His new book is called Average Is Over: Powering America Beyond the Age of the Great Stagnation.Įconomist Tyler Cowen has some advice for what to do about America's income inequality: Get used to it. Economist Tyler Cowen believes that income inequality in America is only increasing. ![]()
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