Another Day Older and Deeper In Debt
We socialists, I hope, are not the types to revel in I-told-you-so’s, but for years we’ve been sounding the alarm that the consumer purchasing power of our fellow patriotic Americans could not be counted on to fuel the global economy. Wages for working Americans have been essentially stagnant since the 1970’s, leaving a huge amount of consumer debt to preserve the American Way of Life. But, we warned, one day we will all have to pay the piper. That day seems to be at hand, with a mortgage crisis and bank failures making headlines. Gee whiz, the New York Times is finally giving this story the attention that it deserves in an otherwise-excellent series of articles “about the surge in consumer debt and the lenders who made it possible.” One article, which readers will likely use as a yardstick for their own financial worries, profiles a Ms. Diane McLeod who […]