New poverty figures show that the middle class continues to be “downgraded” by the recession and the lingering unemployment that comes with it. Now that 1 in 6 is living in poverty, it’s not just something that happens to someone else who is lazy or morally deficient.
Posts Tagged ‘recession’
Fanatic factions in congress, mercifully, did not trash the full faith and credit of the United States. Good news for the short term. But the deal focuses on making cuts at a time when consumers aren’t spending and businesses aren’t spending or expanding, leaving the government as the spender of last resort. Austerity at this juncture seems to mean continued bad economic news in the long term.