middle class

The American Dream Is A Fantasy

The Financial Times, through statistics and personal stories, paints a bleak assessment of America's future going forward. In Crisis in Middle Class America, we see a major financial press group, finally acknowledge what we've been trying to document since the start of this site, the U.S. middle class is being shuttered off, destroyed, deceased, no more.

Once upon a time this was called the American Dream. Nowadays it might be called America’s Fitful Reverie. Indeed, Mark spends large monthly sums renting a machine to treat his sleep apnea, which gives him insomnia. “If we lost our jobs, we would have about three weeks of savings to draw on before we hit the bone,” says Mark, who is sitting on his patio keeping an eye on the street and swigging from a bottle of Miller Lite. “We work day and night and try to save for our retirement. But we are never more than a pay check or two from the streets.”

That's right, Ozzie and Harriet now speak Chinese. The United States, through policies and legislation demanded by multinational corporations, has literally shipped our economy to India and China (and a few other places for good measure).

We're Sorry, 8% Permanent Unemployment is not Acceptable!

Imagine my disgust at this headline: New Normal of 2% GDP Growth where experts are claiming America just had to get used to it with permanent 8% unemployment numbers.

Americans may have to get used to unemployment greater than 8 percent for the first time since 1983 and an economy that won’t grow much beyond 2 percent as a consequence of the lost confidence in consumer credit that shattered financial markets.

Who is saying this? Pimco, the biggest bond trader and it's co-founder, Bill Gross, who is becoming more powerful by the day.

I'm sorry Pimco but that is unacceptable and we really do not care what full employment does to your portfolio.

VP-Elect Biden to Have a Middle Class Task Force

Vice-President Elect has a new middle class task force

Task force members will include the secretaries of labor, health and human services, education, and commerce, as well as the directors of the National Economic Council, the Office of Management and Budget, the Domestic Policy Council and the head of the Council of Economic Advisers

Here are some past task force efforts of Vice Presidents.

The only one on this list who had any effectiveness was Al Gore.

So my question is why is the VP taking on the economic issues of the middle class instead of the President? This should be first and foremost their top priority.

Senate Subprime Bill: $25B to Business, $3B to people losing their homes

Boy oh boy is this sad, AP reports on the bill expected to pass the Senate:

A measure billed as boosting the slumping housing market showers money-losing businesses with $25 billion in tax relief in the next few years but offers just $3 billion to homeowners.

The estimates released Thursday by congressional scorekeepers lend credence to accusations that the measure helps businesses like home builders while doing little to help millions of families threatened with foreclosure.

The benefits to businesses also dwarf the $4 billion in the measure that would be provided to cities and towns to buy up and refurbish foreclosed and abandoned homes. The only direct help in the measure to homeowners threatened with foreclosure is $100 million to provide counseling to people threatened with foreclosure and help them in negotiating with their lenders.