Democrats look down on the middleclass
- David Brooks
Or does he just need a small dose of reality?
Economic Snapshot for August, 2006
by Christian Weller
August 4, 2006
America’s middle class faces a slowing economy and a weakening labor market. In the current business cycle that began in March 2001, middle-class families borrowed record amounts of debt to manage in a slow-moving labor market, which now further declines. Amid sharp price increases, the federal government has piled on massive budget deficits, and the trade deficit has hit record highs. These debt burdens jeopardize future economic opportunities.
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