From Asia Times; Reuven Brenner
The present middle-class doom is understandable: Salaries have been stagnating for a decade, while unemployment and poverty rates have been on the rise. Wages for high school graduates remain stuck at $32,500, college graduate earnings at $53,000, while unemployment and the rate of poverty have climbed into the double-digits.
Also, a great deal of wealth has been lost due to both the fall in home prices and the Dow Jones industrial average reverting to levels reached 10 years ago. If we measure both in terms of the dollar’s substantial decline over the last decade, the picture becomes even more bleak.
Read it here.