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This piece from the Financial Times is about a month old; just have not had time to get around to writing the entry it deserves. It is a pretty comprehensive piece, and I always find it interesting to see views looking in on the U.S. from abroad. This should be nothing new to long time readers as this story incorporates countless themes we've discussed on the website, but many of the topics we've been highlighting for years are now approaching critical mass as the (credit) tide has washed out. What is sitting on the beach after a few decades of stagnant wages (many in the middle class now make less, inflation adjusted, than in the 1970s) and without the house ATM to hide it, is now apparent. For a country where for decades 70% have lived paycheck to paycheck, 1 in 8 now receive food stamps (including 1 in 4 children) [Nov 29, 2009: 1 in 4 Children, and 1 in 8 Americans Now on Food Stamps and 50% have essentially nothing saved for retirement,[Mar 9, 2010: Bifurcation of American Society Continues at Pace; Nearly Half Have Less than $10K for Retirement, a Quarter Less than $1K] the gnawing feeling that they their children will not live as good as they have, is now a tangible reality - especially in the private sector. [Jul 24, 2010: Increasing Evidence that Generation Y Will Not Have the Living Standard of their Parents] (and yes the easy counterpoint to any uncomfortable discussion about the topic, is the worst off in the U.S. are still better off than someone in Ethopia.... but if that is our measure, we are setting the bar low. We should be comparing our middle class to those of other first world countries such as someone in say Germany or a Nordic country.)
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