I rarely agree with most of the politically slanted editorials in my local newspaper, The Arizona Republic.
Today was an exception, Froma Harrop, a syndicated columnist, wrote ,Middle class squandered its Golden age and she has it right on the money.
She correctly states, 50 years ago, frugality was a concept that was embraced...now it seems to be a badge of honor to live above your means... Hence the average families credit card debt of over $8000.
Rather than celebrate living within one's means, and having a mortgage burning party to celebrate your common sense... folks borrow against their home equity... If there is any equity to be had... and spend the proceeds on keeping up with the Joneses...new cars, new close, the latest electronics.
As a consequence, "now Americans equity in their homes (the homes value minus mortgage) is half what it was in 2006"...that is a sad state of affairs.
It is little wonder that three quarters of baby boomers say that they will be working during "retirement".
The political factors notwithstanding, we, the baby boomers must take action, instead of waiting on someone else to help us out...
The article mentioned above was directed at middle-class... But there are lots of baby boomers that are middle-class...the sooner baby boomers become more self-reliant and take charge of their economic future... The better off they will be. Baby Boomer frugality, needs more publicity.
Unfortunately, the cradle-to-grave security that the "greatest generation", our parents, enjoyed is becoming a thing of the past.
Because of the difficulty, expense, and stifling regulations... Do not look for American corporations to be providing well-paying jobs in the numbers that will be required to reduce our national unemployment.
They, the US corporations, are not stupid and will continue to expand overseas at the expense of American jobs.
Perhaps the Chinese, will be looking back 50 years from now, and wondering what happened to their middle-class, which is growing and prospering now... Ironic in the least.
I would like to thank Ms. Harrop, for starting a dialogue about the decline, and the real causes of, the decline in the middle class in America...now let's do something about it.