Monday, December 28, 2009

Main Street Tragedies

Robert Reich has a thoughtful post on the decline of the working and middle classes. Here is an excerpt:

"The real locus of the problem was never the financial economy to begin with, and the bailout of Wall Street was a sideshow. The real problem was on Main Street, in the real economy. Before the crash, much of America had fallen deeply into unsustainable debt because it had no other way to maintain its standard of living. That's because for so many years almost all the gains of economic growth had been going to a relatively small number of people at the top."

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