The Vanishing Middle Class: A Dual Economy This short debate starts our Temin Series. In this episode, we consider arguments presented by American economist and economic historian Peter Temin's book, The Vanishing  Middle Class. His book explores the concept of a dual economy in the United States, analyzing how it has led to a vanishing middle class and deepening inequality. It posits that American society is divided into an "FTE (finance, technology, and electronics) sector" and a "low-wage sector," with the former holding disproportionate political and economic power. The text traces the historical roots of this division, highlighting the enduring impact of slavery and racial discrimination on education, housing, and the justice system, including mass incarceration. The author argues that political choices, driven by the preferences of the wealthy elite through mechanisms like the Investment Theory of Politics, have exacerbated these disparities, rather than being an inevitable outcome of economic forces. The work concludes by suggesting policy changes that could foster a more inclusive and democratic society, moving away from the current plutocracy.