NYU business school professor and consultant Scott Galloway believes US society is telling itself a lie: That technology is good for everyone.
He believes that the “digital age” has clear winners and clear losers.
The winners are the global middle class, the abject poor, and the über-rich.
Galloway says one of the biggest losers is the American middle class.
Galloway says that the Digital Age is actually good for the very poor. Poverty rates are declining worldwide.
But, he says, the main reason the global middle class is only growing because of developing countries.
The problem is that, instead of employee a hundred thousand middle class workers, successful digital companies, create a few thousand millionaires.
Another problem is that education, which could propel people from poverty and into the middle class, is getting much more expensive.
Meanwhile, another winner of the digital age are the very richest Americans. Galloway says they are Benefitting from a tax policy where capital gains is taxed less than regular, middle class income.
As a result, an larger share of income and wealth goes to the top 10% in the US than in other developed countries.
Galloway says it will be hard for the US to break out of this cycle. He believes that the wealthy are influencing elections.
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