Economics/Class Relations

US has regressed to developing nation status, MIT economist warns

By Chloe Farand

Independent

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Peter Temin says 80 per cent of the population is burdened with debt and anxious about job security.

America is regressing to have the economic and political structure of a developing nation, an MIT economist has warned.

Peter Temin says the world’s’ largest economy has roads and bridges that look more like those in Thailand and Venezuela than those in parts of Europe.

In his new book, “The Vanishing Middle Class”, reviewed by the Institute for New Economic Thinking, Mr Temin says the fracture of US society is leading the middle class to disappear.

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