John Robb: Can Middle Class Be Saved? Too Late.

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John Robb

Great article.  Starts with Citigroup's Plutonomy report (the report has been ruthlessly removed from the Web by Citi's lawyers) — wherein they show that, in the US, the middle class doesn't really exist.  In reality, there are only two groups, a small percentage of rich households (that drive all consumption and investment) and the rest (that live hand to mouth).  The last time this happened (in the 1920s) a global depression was the inevitable result

Can the Middle Class Be Saved?

The Great Recession has accelerated the hollowing-out of the American middle class. And it has illuminated the widening divide between most of America and the super-rich. Both developments herald grave consequences. Here is how we can bridge the gap between us.

By Don Peck

The Atlantic, September 2011

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