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Rising income inequality is starting to hit home for many American households as they run short of places to reach for a few extra bucks.
As the gap between the rich and poor widened over the last three decades, families at the bottom found ways to deal with the squeeze on earnings. Housewives joined the workforce. Husbands took second jobs and labored longer hours. Homeowners tapped into the rising value of their properties to borrow money to spend.
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mango333 10 years, 10 months ago
The analysis looks a little one sided and fails to take the swing in American culture from a nation of savers/budgeters to a nation of spenders/debt managers. We've failed to innovate, failed to adapt, and our desire to have and have now are why we are where we are. I'm curious how far down the rabbit hole we will have to go before our society stops blaming everyone else and starts taking responsibility for our own futures. My guess is we will hit the bottom of that hole and a major geo-political shift resulting in lost freedoms will be our wake up call.
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LSUTigersFan 10 years, 10 months ago
Good observations
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Chet_Manly 10 years, 10 months ago
Just raise the minimum wage again. That will solve everything... (Sarc.)
The poverty is more of a symptom of the problem than the problem itself.
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