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With American corporate profits at an all-time high, it would be easy to celebrate the success of the U.S. economy. Yet the sad fact is that the American economy is doing only half its job. Yes, large U.S.-based companies are thriving, as are the well-off individuals who run them and invest in them. But working- and middle-class Americans are struggling with stagnant incomes, weak job prospects, and deep economic insecurity. Prosperity in America is not being shared.
This divergence in America’s economy has many causes. Some causes will be hard to reverse. For example, globalization and technological change have put American workers in competition with skilled workers around the world and with automation that can complete routine tasks. Those genies are out of the bottle and are not going back in. But other causes of the divergence are unnecessary, self-inflicted wounds. In particular, U.S. society has systematically underinvested in the shared resources that underpin working- and middle-class prosperity: our education system, the skills of our workforce, our infrastructure, our basic R&D and supply networks. And Washington is too paralyzed by partisanship to do much about it.
The good news is that in cities and towns across the U.S., local policymakers, businesspeople, educators, nonprofit leaders, labor leaders, clergy, and others are coming together across sectors to restore and reinvent these shared resources. To mention just a few examples, we see:
- community colleges working with companies to train the graduates that employers want to hire;
- elected officials and university leaders partnering to get ideas out of laboratories and into startups faster;
- educators partnering with businesses and nonprofits to transform school systems; and
- coalitions of leaders coming together to upgrade critical infrastructure.
The views presented in this article are the author’s own and do not necessarily represent the views of any other organization.
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Empowering Young Leaders to Bring Shared Prosperity to America’s Cities
Group of multi ethnic students walking in a city
October 9, 2015
With American corporate profits at an all-time high, it would be easy to celebrate the success of the U.S. economy. Yet the sad fact is that the American economy is doing only half its job. Yes, large U.S.-based companies are thriving, as are the well-off individuals who run them and invest in them. But working- and middle-class Americans are struggling with stagnant incomes, weak job prospects, and deep economic insecurity. Prosperity in America is not being shared.
This divergence in America’s economy has many causes. Some causes will be hard to reverse. For example, globalization and technological change have put American workers in competition with skilled workers around the world and with automation that can complete routine tasks. Those genies are out of the bottle and are not going back in. But other causes of the divergence are unnecessary, self-inflicted wounds. In particular, U.S. society has systematically underinvested in the shared resources that underpin working- and middle-class prosperity: our education system, the skills of our workforce, our infrastructure, our basic R&D and supply networks. And Washington is too paralyzed by partisanship to do much about it.
The good news is that in cities and towns across the U.S., local policymakers, businesspeople, educators, nonprofit leaders, labor leaders, clergy, and others are coming together across sectors to restore and reinvent these shared resources. To mention just a few examples, we see:
- community colleges working with companies to train the graduates that employers want to hire;
- elected officials and university leaders partnering to get ideas out of laboratories and into startups faster;
- educators partnering with businesses and nonprofits to transform school systems; and
- coalitions of leaders coming together to upgrade critical infrastructure.
The views presented in this article are the author’s own and do not necessarily represent the views of any other organization.