Paul O'Brien, Business Program coordinator, at the school where I teach, sent me a video of Harvard Law Professor, Elizabeth Warren, addressing a group at UC Berkeley about the troubling demise of the American middle class.
She traces much of the problem to the vanishing "safety net" that was in place prior to the 1970s. She mentions the labor in reserve of the "stay at home" wife/mother, the generous health insurance provided by employers, the free/public gateway-to-the-middle-class (K-12 education). Her data explaining where the cost of living is impacting families is particulary interesting also.
What do we do?
What can be done?
I believe this a combination of social and economic issues that combine for a dangerous mix. To think that many/most American middle class families are a divorce/illness/job loss away from bankruptcy is very scary. Is there a hidden mass tradgedy resulting from this recent recession with all the job losses?
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