America Without a Middle Class-Elizabeth Warren

[AllentownJake]

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.

http://www.huffingtonpost.com/elizabeth-warren/america-without-a-middle_b_377829.html

[AllentownJake]

1. Reminder

K&R if you are recing otherwise it goes away.

[rhett o rick]

5. Do you mean an r without a k will allow a thread to drop? If so, I agree.

Does this count as a k? jk

[AllentownJake]

6. Nothing is more frustrating than watching recs pile up

and a thread sink. I don't want recs, I want people to read it.

[RainDog]

10. maybe you're doing some of that to yourself

rather than engage in conversation about the FACT that Clinton's team knew the economy would turn an election, you have a headline dismissal of this fact.

what solutions do you offer that can persuade rather than dismiss?

[AllentownJake]

13. Bill Clinton's economic team got lucky

An invention that increased productivity and changed American life happened to hit the stage during his term.

Without the PC, than the internet, Bill Clinton was destined for some serious trouble.

You can't really credit Larry Summers and Bob Rubin for a technological innovation. The only thing they did that was reasonably intelligent was to ban sales tax for a while on on-line sales to encourage it's development.

[RainDog]

14. I can't really credit Larry Summer for anything. He's a pimple on the ass of humanity

as far as I'm concerned.

[AllentownJake]

16. He is a horrible man

and one of the first people brought in.

[RainDog]

2. kick. IT'S THE ECONOMY, STUPID, as Clinton knew n/t

[AllentownJake]

4. Than he passed NAFTA nt.

[RainDog]

8. the point is that Clinton knew his election rested on the economy

that doesn't mean Clinton was prescriptive, although Obama obviously is playing from the same book, in terms of economic ideas.

unlike Clinton, Obama doesn't have a dot com bubble to sustain his presidency. He has to work on creating JOBS that the private sector cannot because they're too busy counting their government bail out money and giving bonuses to the already rich.

the point stands. the economy will play a decisive role in the election unless the democrats do something to change the game, even if their corporate masters don't like it. Sometimes even they have to bite the bullet, as in FDR's presidency, and stave off financial collapse and the social upheaval that creates.

if we get to that point, it won't matter who is paying off whom. I guess Goldman thinks it will be biz as usual since they're arming themselves.

[AllentownJake]

9. When faced with a total collapse of the banking industry

FDR did provide funds to the banks to stabilize and also imposed regulations at the same time.

My fear is the critical mistake of not tackling financial reform in 2009, will be his undoing.

[RainDog]

11. It was disgusting to see

it was an embarrassment to see the democrats ignore those who work for a living. it was a slap in the face and yet more b.s. trickle-down economics, which Greenspan had already admitted did not work.

I have not been impressed with what Obama has done with the support he received. On the one hand, I realize as a black man he has to work against prejudice. At the same time, his entire economic team is complicit in the mess. They aren't the solution.

but god forbid Steiglitz or Krugman might offer alternatives... or this women, for that matter.

[AllentownJake]

15. They under estimated the problem

They thought this was 1993 again and that a couple tweaks and FED manipulations would stem unemployment. It wasn't till July of this year they woke up that their initial solution was not going to alleviate the unemployment problem.

This entire Presidency appears to be fighting the battles lost in 1993 instead of trying to address the problems of 2009.

[glitch]

19. Old men attempting to rewrite the failures of their youth - who does that remind you of?

Too bad Obama got captured by them (whether it was his choice or not).

"This entire Presidency appears to be fighting the battles lost in 1993 instead of trying to address the problems of 2009."

[RadiationTherapy]

3. *sigh*

[AzDar]

7. K & R

[closeupready]

12. K&R

n/t

[PA Democrat]

17. K & R

[AllentownJake]

18. Kick

[enigmatic]

20. K&R

[rhett o rick]

21. Here's a kick. nt