How the middle class became the underclass

snip:
In 1988, the income of an average American taxpayer was $33,400, adjusted for inflation. Fast forward 20 years, and not much had changed: The average income was still just $33,000 in 2008, according to IRS data.

snip:
The 1980s was a period of anti-regulation, presided over by President Reagan, who loosened rules governing banks and thrifts.

A major game changer came during the Clinton era, when barriers between commercial and investment banks, enacted during the post-Depression era, were removed.

In 2000, President Bush also weakened the government's oversight of complex securities, allowing financial innovations to take off, creating unprecedented amounts of wealth both for the overall economy, and for those directly involved in the financial sector.

Tax cuts enacted during the Bush administration and extended under Obama were also a major windfall for the nation's richest.

And as then-Federal Reserve chairman Alan Greenspan brought interest rates down to new lows during the decade, the housing market experienced explosive growth.

"We were all drinking the Kool-aid, Greenspan was tending bar, Bernanke and the academic establishment were supplying the liquor," Deutsche Bank managing director Ajay Kapur wrote in a research report in 2009.

http://finance.yahoo.com/news/How-the-middle-class-became-cnnm-2876148381.html

This is an excellent article.

To counter the trickle down lies we've been repeatedly fed for the past 3 decades.

Globalization.

The goal of Globalization is to have more equal standards
of living between the 3rd and 1st World Nations.

Our Leaders have screwed us. Instead of insisting on
bringing 3rd World standards up they are pushing 1st World(us)
standards of living downward. Poorly managed Trade Policies
are at the root of these changes.

None of them pursue a policy that trade barriers create prosperity. They belong to the WTO like we do and have "free trade agreements" like we do.

What creates prosperity in these progressive countries is taking care of your own citizens - progressive and relatively heavy taxation (nearly 50% of GDP in some European countries), strong social safety nets, pervasive and strong unions (80% of the workforce in Sweden), and effective regulation of corporations and the financial industry.

"The goal of Globalization is to have more equal standard of living between the 3rd and 1st World Nations. Our Leaders have screwed us." Agreed and agreed. The leaders of Canada, Australia and Europe protect and enhance their domestic standards of living using the progressive policies mentioned above. (Not by building walls because those poor foreigners are killing us.) They do this because they are forced to by their citizens, not necessarily because they are wise and benevolent leaders while our leaders are stupid and evil.

In 2000, President Bush also weakened the government's oversight of complex securities, allowing financial innovations to take off, creating unprecedented amounts of wealth both for the overall economy, and for those directly involved in the financial sector.

:rofl:

A lot of folks missed it including me. However, I do believe it was a misprint.

Bad writing is bad.

:hide: