Are We in the Process of Creating a New and Enduring American Underclass?

Monday 6 June 2011

by: Joshua Holland, AlterNet

Corporate America appears to be prospering with far fewer workers than it employed before the crash. Wages are down, the stock market is up and firms are expanding their operations overseas. Meanwhile, Congress is suffering from the delusion that our greatest problem is the deficit, rather than the extreme economic insecurity so many Americans are suffering from today. And that focus will only exacerbate the crisis on "Main Street."

The question is whether these trends will become "the new normal," consigning millions to an emerging American underclass. Is our notably cruel brand of capitalism ultimately leading to something that looks more like feudalism – with low-paid serfs feeling fortunate just to have an opportunity to toil for their lords' enrichment?