The Coming Economic Catastrophe
by max blunt
American Capitalism: Cracks in the Pyramid
Now that the economic crunch is reaching those near the top of the pyramid, there is finally a sense that the U.S. is facing a real crisis.
Forget about a soft landing. The subprime mortgage debacle has morphed into a full-fledged panic. And Joe Stiglitz is telling us the war in Iraq will cost $3 trillion.
Maybe now we can stop listening to the geniuses who insisted that the way to nirvana was to ignore the broad national interest while catering to the desires of those who were already the wealthiest among us.
We have always gotten a distorted picture of how well Americans were doing from politicians and the media.
The U.S. has a population of 300 million. Thirty-seven million, many of them children, live in poverty.
Close to 60 million are just one notch above the official poverty line. These near-poor Americans live in households with annual incomes that range from $20,000 to $40,000 for a family of four.
It is disgraceful that in a nation as wealthy as the United States, nearly a third of the people are poor or near-poor.
Former Senator John Edwards touched on the quality of the lives of those perched precariously above the abyss of poverty in his foreword to the book, “The Missing Class: Portraits of the Near-Poor in America,” by Katherine S. Newman and Victor Tan Chen. Mr. Edwards wrote:
LINK TO CON.