Summers: Automation is the middle class' worst enemy
For Americans, it seems like a terrific jobs market, with an astonishingly low,4.3% unemployment rate. Yet a closer look reveals a middle class hollowed out by automation, says Larry Summers, the former Treasury Secretary.
In an interview with Axios, Summers points out that 5% of American men aged 25 to 54 were jobless in 1968; today, that number is 15%. In this statistic, the U.S. trails most of Western Europe.