The Sunday, September 4th New York Times' Sunday Review Section includes an article by former Secretary of Labor Otto Reich in which he discusses the economy and the problems we encounter to get it jumpt started again. After reading it, commment about it stating what the author's views are as well as yours.
http://www.nytimes.com/pages/opinion/index.html#sundayreview
Sunday, September 4, 2011
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The correct name for former Secretary of Labor is RICHARD REICH. The direct link for the article is below. Please keep in mind that it is two pages.
ReplyDeletehttp://www.nytimes.com/2011/09/04/opinion/sunday/jobs-will-follow-a-strengthening-of-the-middle-class.html?partner=rss&emc=rss
In the article former secretary Reich makes key points in the reasoning for our economies current state. The mass scale of unemployment and stand still wages/salaries are major contributors to our economies massive regression. If the middle class standards before the 1970's were to be compared side by side to that post those years, the steady decline would definitely be seen. Purchasing power that the middle class use to have has dwindled. Looking deeper, it could even be said that the class categories should be recreated to more accurately reflect our positions in economy as government assisted, lower class and upper class. Things have certainly changed enough on that scale. Just locally, a surge of dealerships that require "NO CREDIT CHECK" have gone from the back to front seat in response to decline credit scores. Prepaid debit cards have been created as fences to help individuals manage income in response to people accruing over draft fees almost consistently. Debt programs have also become an outburst playing more frequently on television commercials. Our society knows our condition and the middle class that once sought out the finer things now struggles to stretch each dollar earned. Former Reich mentions "Pump-priming works only when a well contains enough water" and true enough the middle class needs to be largely stimulated financially to jump start the once powerful years and re-establish themselves as the middle class.
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