The passage discusses the erosion of middle-level jobs and its multiple root causes. Demographic shifts from the 1970s baby boom and increased female workforce participation initially depressed wages. Globalization also contributed as manufacturing jobs moved overseas for lower costs. Technological advances further reduced needed workers and drove wages down. While these factors all impacted jobs, middle-level positions ultimately disappeared as technological gains were not distributed to benefit displaced workers, instead concentrating financial benefits among firms and consumers. This lack of mechanism to share gains led to economy-wide loss of worker purchasing power.