Nothing’s more bandied about these days than how much the candidates want to help the middle class. We can argue about how we define middle class, but two things are irrefutable. One is that the purchasing power of the middle class as a demographic has diminished drastically.Secondly, because both side’s perspective of America is so different, one side is either lying about its intent to help the middle class or completely mistaken about their ability to do so. Also indisputable is the fact that America’s greatest period of growth (1950-1980) was fueled by unprecedented opportunity for and growth of the middle class. That growth occurred during periods of some of our highest tax rates and often slowed during periods of tax relief for the upper end. These are historical facts. During that post-war period other countries grew as well, their growth often mirroring our own, but also fueled by demand from an upwardly mobile American middle class. We live in a small world, as the saying goes and the international reciprocity of economics is at its highest level ever. We feel it here when Greece’s economy falters. The world feels it when the American middle class falters and their demand for American goods declines as well as for goods and services provided by American companies abroad. Bill Clinton famously remarked, “It’s the economy, stupid”. I think he would agree that more than ever, it’s the middle class, stupid.
- Good morning
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I try to stay calm and eat healthy.