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Is America in a new Gilded Age? That's the contention of Republican political consultant Bruce Mehlman, and in a series of 35 slides, he makes a strong case.
In many ways, problems facing America today resemble those facing what we still call "turn-of-the-century" America, the 1890s to the 1910s. Just as employment shifted from farms to factories a century ago, it has been moving from manufacturing to services recently.
Crashes - Point - Resemblance - Years - Panic
Financial crashes are another point of resemblance, coming precisely 100 years apart. The panic of 1907 was resolved when J.P. Morgan locked his fellow financiers in his library and required them to pony up funds to save failing banks. Something similar happened in 2007, this time with Ben Bernanke in the bowels of the Federal Reserve.
Technology's providing new products and threatening incumbent businesses is a feature of both epochs -- with huge steel mills and automobile factories then and smartphones and mouse clicks today. Monopoly power reared its ugly head then and is doing the same now. Railroads and steel and oil muscled potential regulators then; retail-dominating Amazon and political communication censors Google and Twitter are now.
Income - Inequality - Statistics - Incommensurate - Today
Income inequality was actually greater in the 1920s (and probably earlier, but the statistics are incommensurate) than today. And immigration as a percentage of the pre-existing population was three times as high in the peak year 1907 than in the peak year 2007.
In all these respects, the problems -- or perceived problems -- of Americans today more closely resemble those facing the Americans of 100 years ago than they resemble the problems of the era that is generally taken as a benchmark, especially by commentators of a certain age (including me), the two decades after World War II.
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But Mehlman's list is not exhaustive. And the items omitted are perhaps even more troubling than those already...
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