America Without a Middle Class

Elizabeth Warren, chair of the Congressional Oversight Panel created to oversee the banking bailouts, writes on Huffington Post:

Can you imagine an America without a strong middle class? If you can, would it still be America as we know it?

MiddleClass

Today, one in five Americans is unemployed, underemployed or just plain out of work. One in nine families can’t make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. More than 120,000 families are filing for bankruptcy every month. The economic crisis has wiped more than $5 trillion from pensions and savings, has left family balance sheets upside down, and threatens to put ten million homeowners out on the street.

Families have survived the ups and downs of economic booms and busts for a long time, but the fall-behind during the busts has gotten worse while the surge-ahead during the booms has stalled out. In the boom of the 1960s, for example, median family income jumped by 33% (adjusted for inflation). But the boom of the 2000s resulted in an almost-imperceptible 1.6% increase for the typical family. While Wall Street executives and others who owned lots of stock celebrated how good the recovery was for them, middle class families were left empty-handed.

The crisis facing the middle class started more than a generation ago. Even as productivity rose, the wages of the average fully-employed male have been flat since the 1970s.

Read More: Huffington Post

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  • Brandon

    shut up. this koolaid tastes so good. Do not disturb me. As long as we don’t have a republican in office even though there’s no real i mean ahem..MEANINGFUL difference between the parties anymore i’m a fanboy. I like this koolaid. leave me alone.

  • Kyle

    Why aren't people absolutely LIVID about this? Where the hell is the revolution?

    • Anarchy Pony

      Stop revolting, dancing with the stars is on!

  • Brandon

    shut up. this koolaid tastes so good. Do not disturb me. As long as we don't have a republican in office even though there's no real i mean ahem..MEANINGFUL difference between the parties anymore i'm a fanboy. I like this koolaid. leave me alone.

  • Brandon

    shut up. this koolaid tastes so good. Do not disturb me. As long as we don't have a republican in office even though there's no real i mean ahem..MEANINGFUL difference between the parties anymore i'm a fanboy. I like this koolaid. leave me alone.

  • Wanooski

    Stop revolting, dancing with the stars is on!

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