CNBC: Technology and Globalization Are Eliminating the Middle Class

Advances in technology continue to reduce the need for many low-skilled positions in the United States, reported Federal Chair Janet Yellen to the House Financial Services Committee. She also targeted a limited form of globalization – outsourcing workplaces and jobs to other countries – for reinforcing the effects of automation along with retailers reducing jobs in response to greater demands by investors. Her testimony was covered by CNBC’s Berkeley Lovelace Jr. She described the US economy as robust, suggesting that the central bank will continue its slow pace in lifting interest rates, but also warned that there can be no guarantees of preventing another global financial crisis. Total US national debt is near $19 trillion. – YaleGlobal