Last week I read this article about America without a middle class by Elizabeth Warren and am still digesting its and my thoughts.
Today, one in five Americans is unemployed, underemployed or just plain out of work. One in nine families can't make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. More than 120,000 families are filing for bankruptcy every month. The economic crisis has wiped more than $5 trillion from pensions and savings, has left family balance sheets upside down, and threatens to put ten million homeowners out on the street.
We are becoming a country of wealthy and poor – a 3rd world country wherein the rich get richer, the poor get poorer, and there is no longer any middle.
How many families are homeless, working 2, 3 or even 4 jobs just to make ends meet? And how many of those are without health insurance or skimping on needed health care or medications and/or eating poorly?
I wrote recently about seniors using soup kitchens and soon those seniors will be taking their children and grandchildren with them so all can eat.
We need to stop being a 3rd world economy, if it is not already too late, and help middle America become middle again so they too have a chance to save, invest, be less stressed and hopefully get richer.
