Coming Collapse of the Middle Class

[floridaorange]

Harvard Law and Commercial Bankruptcy Professor Elizabeth Warren discusses the shift from one income to two income families and how over the last generation from '71 - '05, family income rose, but only because women were going into the workforce, men were not earning more as they had been before, and over the last 5 years, families have been saving nothing. By 2005, 15% of annual income by American's is being carried by revolving debt. Over the last 30 years, the family spent everything that Mom made and everything they used to save, and went into debt another 15%. This video discusses what it is that American's spent it on, etc. Enjoy.

I found it to be fascinating all the way through, hope you do as well:

http://www.youtube.com/user/uctelevision#play/uploads/1/akVL7QY0S8A

[Shpira]

Re: Coming Collapse of the Middle Class

Have you ever read Marx?

[Lorn]

Re: Coming Collapse of the Middle Class

I liked this quote.

"The family of today with two income earners no longer needs to bring in 52 checks a year to make the monthly mortgage payment. They must bring in 104 checks a year. If either of them lose their job the mortgage can't be met."

hehehe...she gave this speech March 2007. Who would a thunk it...

[floridaorange]

Re: Coming Collapse of the Middle Class

^That common sense statement struck me as well.

Have you ever read Marx?

Some of his work was discussed during my college education, my degree is in Psych, Soc. and Comm. not econ, which is more my dad's fortay. He was taught the Keynesian Econ school of thought.

I've worked in advertising, marketing, fundraising, retail, non-profit, farming, restaurants, insurance (employee benefits), commercial real estate and politics. That is to say my education has also been applied quiet a bit. I've witnessed the shift Warren is talking about personally in my parents life and now mine.

I found the video to be Food for thought.

[yesme]

Re: Coming Collapse of the Middle Class

breed to consume