Beyond the American Dream: Work and Wealth in the 21st Century

Introduction: Visions of the Future of Work

Many observers of the American scene say everything is going well. The economy is unusually robust; inflation is relatively low and the unemployment rate is reaching record low levels. New jobs are being created, and the Federal budget is finally in the black for the first time since the sixties. Yet, at the same time, Americans feel a sense of unease. Corporate layoffs continue and many of the new jobs that are being created are in the low-salary range and without substantial retirement benefits, so that many families depend on two wage-earners to maintain their standard of living. Americans earning in the middle of the wage scale have seen their earnings decline since 1989, after adjustment for inflation, while the wages of those at either end have gained ground.1. Across the race and economic spectrum, Americans worry about job stability for themselves and for their children in the future.

Jobs and job creation were major topics of the last Presidential campaign, and various remedies were offered but all seemed to ring hollow. There appears to be no national consensus on the cause of these events which, on the surface, seem to contradict each other. Why should the economy be growing when the job situation is so unclear? In the past, job losses went together with recessions or depression, not with a booming economy .