The potential risks of leaving the working class behind from economic growth.
Working-class families are getting hit from all sides. Two years of a pandemic, then inflation is making their everyday life worse. They experience more negative income shocks, typically from job instability such as layoffs, cuts in hours, and loss of overtime pay. In this economic situation, middle-class families are forced to live on basic. It's hard to tell, how the working class is surviving.
The thing is, it seems like no one cares.
“Capitalism cannot survive without a working class, while the working class can flourish a lot more freely without capitalism.” ~ Terry Eagleton.
I believe this is very true.
There's no way, all we are having as an out result would be the same if we eliminate the working class. That's not an option. But the economic condition makes them so tenuous that they are forced to choose other 'options'. Policymakers must use the opportunity to make fundamental changes so that they can survive and add more to our economy. Not taking control of the situation and doing nothing can make your problems worse.
My own creation using Canva
Class gap by no means brings anything good, for society, or the economy. The correlation between class defines many social norms and economic structures. If one is affected, it will affect the whole. Achieving more social mobility in the workforce can only be possible if we make such a structure where the working class will live well.
The truth is, we are walking backward.
One of the things it's harder for some people to grasp is the ripple effects of structural changes. There will be a huge impact on the workforce, stress, anger in the young generation, supply of the marginal products and services to run the economy, etc. When one will live in luxury and the other one is left to survive on basics or even low, this is not what I call justice.
Leaving the working class behind from economic growth has a direct connection with our economy and social structure. If we talk about production, marginal services, and the food industries' position, then it's not very hard to guess what will happen. Also, if we talk about behavioral change in classes, like lack of empathy for other classes, and crime rate; everything is interconnected.
It's high time the government needs to think about an alternative plan to include the working class. Otherwise, we will all find ourselves in the same gutter, sooner or later.
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