Around 1980 we began to see the disparaging split and gap widening between the haves and have nots. The earning power of the Middle Class stagnated; prices of everything went up, yet, there was no corresponding rise in wages; still, however, spending continued right on into the Clinton years. How? Three things: 1.) There was an increase in women joining the workforce. Now the home had two wage earners. 2.) When this effect began to wear off, working more hours became necessary. Now one or both of the working couple had to stay at the one job longer, or acquiring another job for one or both. 3.) After this lost power, DEBT became the order of the day. Now the Middle Class is borrowing money on assets just in order to pay to keep those same assets! Where do you think it will end?
Posted on: Tue, 22 Apr 2014 18:18:42 +0000
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