Career Calling

July 22, 2012

How the Bottom Half Lives

Filed under: Economics — claycerny @ 12:43 am
Tags: , ,

Laura Clawson of the Daily Kos has written a perceptive and disturbing article on wealth held by the bottom 50% of Americans.  In 1989, this group only held 3% of the nation’s wealth.  18 years later (2007) they held only 1.1%.  Clawson cautions that we focus too much on the 1% and forget the gulf of inequality in the country, especially for the very poor.  As always, her insight is brilliant – and it will find no voice in the corporate media or our political debates.

All of the experts say that consumers need to buy for the economy to improve.  If 50% of the American people have had a nearly 2/3 loss of wealth, how can they spend?  More importantly, what kind of lives can they live?  Is this American exceptionalism?

 

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