Quote:
Originally Posted by kane
That is a huge part of it. Middle class spending is the engine that fuels this economy. Middle class overspending is a different sort of thing.
In a way it is the perfect storm. Jobs were there that allowed people with just a high school diploma to earn enough money to create a middle class life for themselves. It was all good. Those people then used credit to live a bigger, more extravagant life than they would normally live. They overextended themselves, were up to their eyes in debt and living well beyond their means. So long as they had the job they were treading water. Then the job goes away and the new jobs are being made offshore so those middle class wage jobs are no longer in existence.
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You do understand a lot has changed in this country that has put the middle class in it's position. Yes the middle class often spends more than they can afford but the bank and financial companies led the horse to the water.
Yes the horse has to drink but it's very big business for CC companies to have customers whom can't afford to pay their bills. They make more money off people whom pay late than off people whom pay on time. This is why CC companies are often all over college campus giving away CC's to college kids that can barely afford to eat ramin noodles.
Not to mention ask your parent if they went to college where they got their loan from. I can almost bet 100% that it was from the govt and not some private industry loan shark as kids deal with today.
The entire corporate America is geared at one thing at that's sucking as much money out of people pockets as they can with little regard to this country or the economy. It's not just people that lost the pride in Made in America it's also the corporate mongols whom forgot that they once also had that same pride in helping build & shape this country.
It's not just the middle class that is fucked but also everyone else because with out the middle class these companies will have no customers.