Since Ronald Reagan’s election, the One Percent have shipped jobs to China and hae received tax cuts, bailouts and immunity. The federal mínimum wage adjusted for inflation is lower than it was in 1968. The white people who have lost their high paying jobs resent black people and Hispanics rather than the One Percent. See two exerpts here and then read the commentary.
In the 1980s, corporate America decided it could get a cheaper workforce in the 1.5 billion people in China. So, it closed more than 50,000 factories in the U.S. and moved them abroad, mainly to China. It would make goods there and sell them back here, to its former workforce, which, though downsized into menial service jobs, still had purchasing power based on its accumulated wealth, the wife/mother going into the workforce, and its ability to borrow against the house.
Though that recession was triggered under the Republican administration of George W. Bush, its solution was left to Obama and Biden. What did they do? While 10 million people lost their homes, Obama/Biden and the Federal Reserve Board transferred $16 trillion to the banks to replace the capital, their stock in trade, that they themselves had destroyed. Otherwise, they were bankrupt.
Two Cheers for Biden/Harris
But they are not the long-term solution the country needs.