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Read up on Ross Perot and his comments during the Presidential campaign back in 1992 regarding foreign trade and jobs ... the seeds of the current economic problems dates back decades over numerous Presidential administrations.
In particular, labor arbitrage; outsourcing production to the 3rd world and yet still charging 1st world prices. Externalized costs, such as the ability to use slave wage labor working in abusive conditions (excess hours, few breaks, little safety, etc) with less environmental controls...
Many people say Americans don't work hard - nonsense! Many U.S. citizens are willing to work hard, but aren't going to put up with working in unsafe conditions for peanuts; they expect a living wage. There's no way a U.S. citizen with 1st world bills can live much of a life on a 3rd world wage.
The various free trade agreements, such as NAFTA further compounds the issue - in many instances, the outsourcing is brought here - ie. many Mexican trucks are now permitted well into the U.S. And of course, as many in the tech field are well aware, the issues of H1B workers driving down wages / displacing U.S. workers.
And then add top of all that, technology / automation allows much more work to be performed by relatively few people. Many decent paying jobs simply no longer exist, including some that are kinda surprising...
For example, was watching This Old House and they had a segment about 3D printers to print out 3D scale models - simply create the design on the computer and the printer in a few hours prints out a 3D replica, including interior elements, all in color! Amazing stuff - I was aware of 3D printing, but the tech is far better than I'd ever imagined - rambling on, but point is that many tasks that once required a team of educated workers can now be done by one using a computer.
Bottom line is there are simply too many excess people. As to how that can be dealt with ...
Feudalism? -that seems to be the current path right now
Some would argue feudalism never really ended - read a property deed sometime ... note the phrase "Fee Simple" (google for where that term is derived from); property taxes.
Mass-extermination? -sounds out there, but not so far-fetched
Naturally? -plague, meteor impact, etc
War? -global nuclear war, bio-toxins, etc
Different economic system? -socialism with many people paid not to work; already common in many countries
As for the protests ... they may help change things a little; prompt some of the power-elite to slide a few more peanuts over to the 99% to avoid violent mass uprisings.
Ron
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