Coral Gables is Not Immune from the Foundering of the Middle Class

These are international views of what is happening in the US.  Coral Gables cannot “power ahead” in this kind of world in which the middle class is reducing is standard of living on a grand scale.

Growth rates are stuttering and a recovery is struggling to take hold. It may even now be showing signs of going backwards again, as countries such as Germany start to power forward. Joblessness has taken hold in America, with the numbers of long-term unemployed reaching levels not seen since the Depression of the 1930s. The figures are frightening and illustrate a society that remains in deep trouble.

America appears to be a society splitting down the centre, shattering the middle class that long formed the cultural bedrock of the country and dividing it into a country of haves and have-nots. “A once unthinkable level of economic distress is in the process of becoming the new normal,” warned Nobel-prize winning economist Paul Krugman in a recent New York Times column. Or, as Steven Green, an economics lecturer at Baylor University, put it to the Observer: “We are really in a tough spot right now.”

via Jobless millions signal death of the American dream for many | World news | The Observer.

About Stephen E. McGaughey
International consultant in economic development programs and projects

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