What we’re seeing is an increasing pool of people - the lowest x% of earners - being effectively shut out of most of the economy.
The last time we had a majority of individuals responsible for producing much of the economy’s output, yet unable to consume beyond a subsistence level, we called them “slaves”.
The last time we had a majority of individuals responsible for producing much of the economy’s output, yet unable to consume beyond a subsistence level, we called them “slaves”.