Over the past 3 years the profits of the Standard and Poors 500 largest corporations have grown an average of 20% a year. Stock prices are at record highs. For the most part, these gains went to people who have nothing better to do with their money than gamble on price movements in the giant global casino we call a stock market. During 1995, wages, salaries and benefits-compensation for doing real work-increased only 2.7%-the smallest rise on record. Thus the role of the middle class has been diminished largely in the new growing globalization of economy. The 1990s have been a prime example of the growth of economy and technology and the massive downfall of the middle class. The advent of technology has left many in the white collar, middle class sector with no jobs or at constant risk of loss of their present one. Over 80 percent of Americans work in the service industry and they practice their own form of the white collar layoffs, they utilize the new tax software that is available, leaving the accountant in the proverbial dust.

The labor market has changed dramatically in the past three or four decades. The unskilled labor work force has shrunk over the last few decades, this change has come due to the expansion of technology within many industries. The worth of those at the highest levels of companies have only gained from this change. The middle management has been almost eradicated from the present economy by technology and "reengineering". This "reengineering" "combines the skills of specialist clerks and middle managers into software packages that are attached to desktop computers" (Head). The disparities in this competition have become truly obscene. In 1960 the annual compensation of the average CEO of a major US. company was 40 times that of the

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Approximate Word count = 1202
Approximate Pages = 5 (250 words per page double spaced)