America Without a Middle Class

[Crewleader]

Elizabeth Warren

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

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.



But core expenses kept going up. By the early 2000s, families were spending twice as much (adjusted for inflation) on mortgages than they did a generation ago -- for a house that was, on average, only ten percent bigger and 25 years older. They also had to pay twice as much to hang on to their health insurance.

http://www.huffingtonpost.com/elizabeth-warren/america-without-a-middle_b_377829.html?ref=patrick.net

[dixiegrrrrl]

1. A deliberately destroyed middle class, at that.

The end game of capitalism, to create serfs, in effect.
But a country without a middle class is not a healthy country.
Unfortunately, no one cares about that except the disappearing middle class.

[Crewleader]

2. Unfortunately, no one cares about that except the disappearing middle class.

it certainly seems it by the actions of this administration starting off....no change and hope is fading.

http://www.huffingtonpost.com/2009/12/03/matt-taibbi-obamas-big-se_n_378705.html?ref=patrick.net

[DJ13]

3. If Helicopter Ben isnt confirmed I have a nomination for President Obama

Elizabeth Warren gets my vote.

[Bigmack]

4. As long as she can run...

for President in 2012.

[SlowDownFast]

5. I second the motion! She would be an excellent choice. n/t

[Bigmack]

6. TMI, I know... but...

I am truly hot for her. I'm an old guy, I know, but brainy, pretty women turn me on.

I would bear her children!

I guess she's like a Sarah Palin for people with functioning brain cells.

[Crewleader]

7. A good kick for Elizabeth Warren for President!

:kick: