Bushonomics 0
Robert Reich:
The “living beyond our means” argument, with its thinly-veiled suggestion of moral turpitude, is technically correct. Over the last fifteen years, average household debt has soared to record levels, and the typical American family has taken on more of debt than it can safely manage. That became crystal clear when the housing bubble burst and home prices fell, eliminating easy home equity loans and refinancings.
But this story leaves out one very important fact. Since the year 2000, median family income has been dropping, adjusted for inflation. One of the main reasons the typical family has taken on more debt has been to maintain its living standards in the face of these declining real incomes.
It’s not been persons indulging extravagance. It’s been persons desperately treading water.
And sinking deeper with every successive year of Reago-Bushonomics.
First, the water lapped at their our chins, then our mouths, and now we tilt back our heads and strain to get our noses above water to take a breath between passing waves.
The Republican assault on the American middle class has, in fact, been an assault on the basis of the success of the American economy.
But in their greed, the Republican Party and its corporate masters saw and cared not for such things, all the while distracting the polity with their bleating about “family values” and “voodoo economics” and sending young persons to die in a war for a lie.
All along, the rich have gotten richer and the poor have gotten poorer.
But, through the magic of Ameriquest, no one really noticed.
Until now.
Until now, when the rich awaken to realize that the impoverishment of the middle class threatens their private jets, their helicopters, their six, seven, eight houses, their private cell phone towers.
And come crying to the taxpayer, to you and me, to throw money at them.
It’s a Republican thing.
Pah!
Then, again, there is a bright side. Stupid stores are disappearing.
