patrick.net

Why There’s Hope for the Middle Class (With Help From China)
http://www.nytimes.com/2016/04/17/upshot/why-theres-hope-for-the-middle-class-with-help-from-china.html?ref=economy&_r=0

"Better times may be ahead, though. Higher wages in China — and other emerging nations — are now limiting the competitive advantage of those economies. And perhaps more important for Americans, as China reaches technological maturity, it is likely to..."

At that point in the article I was kind of expecting the author to focus on the increased consumption from China, but no....

" it is likely to shower innovations on consumers, creating a net gain for people in the United States.[...] When it comes to mobile apps, messaging and electronic payments, China is arguably ahead of America. Imagine a future in which Chinese innovations benefit Americans.... "

Get it? The middle class is saved because China will become technologically superior to the US.

"Finally, income inequality may begin to reverse itself through the evolution of social norms. [...] Religions and social movements with strong moral codes may be able to help improve life prospects. It is striking, for example, that Utah fits the economic profile of an older, more middle-class-oriented America. [....] Mormons have done relatively well in economic terms, perhaps, at least in part, because their religious culture encourages behavior consistent with prosperity, such as savings, mutual assistance, family values and no drug and alcohol abuse. "

"But it seems reasonable to observe that changing social norms, sometimes associated with religion, can help improve living standards."

So here we go: the middle class will be saved because of the irrepressible movement toward religious life, which will make us more moral and therefore more productive....

Unbelievable! But hey, after all, it's only a professor of economics.