This captures perfectly the current malaise afflicting our economy and society.
https://www.euronews.com/amp/2018/05/01 ... ciety-view
“The income distribution system of the 20th century has broken down, and will not come back. This has generated a new global class structure. Every phase of development produces its unique class structure. Today’s is characterised by a plutocracy of multi-billionaires with absurd power, a shrinking “salariat” with employment security and a growing array of non-wage benefits, a shrinking industrial “proletariat” and a rapidly growing “precariat.”
As commentators and politicians are learning, the precariat is profoundly different, in experience and outlook, from the proletariat that long dominated their imagery. The outcome of globalisation, a technological revolution and reforms promoting “labour flexibility,” the precariat suffers from pervasive insecurity, which makes it a dangerous class.
In a book first published in 2011, I wrote that unless the precariat’s insecurities were addressed urgently, a “political monster” would emerge. For some it was a forewarning: since the 2016 U.S. presidential election, I have received numerous emails saying “your political monster” has arrived. Insecure people tend to vote emotionally, not rationally in defence of enlightenment values.
The precariat has three dimensions. First, they face a distinctive work pattern. They are being habituated to a life of unstable, insecure labour. Casualisation, temping, on-call labour, platform cloud labour and so on are spreading. More importantly, they lack an occupational identity or narrative to give to their lives, or any organisational one.
They must do much work-for-labour, not counted in official statistics or political rhetoric, but which if not done can be costly, such as retraining, networking, refining résumés, filling forms and waiting around for jobs. And typically they obtain jobs below their education or qualifications, and have low mobility upwards. All this creates frustration, insecurity and stress.
Second, the precariat has a distinctive social income. They must rely almost entirely on money wages or earnings. They do not obtain non-wage benefits that even the proletariat obtained, such as paid holidays, medical leave and the prospect of a meaningful pension. While the salariat gain more benefits, the precariat lose even those they had. This means the growth of inequality exceeds what income statistics suggest.
Their real wages have stagnated or fallen, and have become more volatile, meaning more uninsurable uncertainty. This leads to a crucial aspect – living on the edge of unsustainable debt, knowing that one illness, accident or mistake could tip them into a financial abyss.
The third dimension is a distinctive relation to the state. The precariat is losing citizenship rights, often not realising until they need them. This is happening most cruelly to the growing number of migrants, but is also the lot of others, losing cultural, civil, social, economic and political rights. They feel excluded from communities that would give identity and solidarity; they cannot obtain due process if officials deny them benefits, they cannot practice what they are qualified to do, and do not see in the political spectrum leaders who represent their interests and needs.”
Sounds like supporters of a certain person. I think it fair to include those on fixed income and benefits packages in the precariat.