As Jobs Are Lost, So Is The Middle Class

As Jobs Are Lost, So Is The Middle Class

Across the United States a sense has taken hold that the Great Recession and the financial crisis are predominantly a result of national profligacy, as if the economy had been undone by insatiable shoppers, foolhardy home buyers and greedy investment bankers. Extravagance and recklessness certainly played crucial roles, and yet they are only part of the explanation.

Many have lived beyond their incomes simply because incomes have been outstripped by the costs of middle-class life.

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