Harvard Professor: US Middle Class Hollowing

(Republished from MoneyNews.com)

The United States is losing the global economic competition battle and the American middle class is fading, says Michael Porter, a professor of economy at Harvard.

The decline of the American middle class is due to increasing regulatory costs, deteriorating infrastructure and declining skills of workers, Porter told CNBC.

“America used to be a uniquely productive, low-cost place to do business,” he said. “We had efficient infrastructure. We had limited regulation. We believed in the market.”

The middle class, once America’s bedrock, is “hollowing out,” he noted.

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