A second day with a current events posting – – not like me to be so topical on what is meant to be a “get away from politics & similar ick” blog. But the topic has everything to do with all ages & all stages of Americans – our economy.
Because, love it or loathe it, the NY Times has a spot-on article about our nation’s “recovered” economy. Recovered for those blessed with carefully nurtured, post-2008 stock portfolios; those who rely on our savings or income from a pay check – – not so lucky.
The headline speaks volumes – – The Recovery Threw the Middle Class Under the Benz. A truthful OUCH!
From the monied class’ point of view, the 2008 Meltdown served an interesting purpose – – unlike earlier financial crises, the recovery was not universal. This time, those with their hands on the money reins rebounded, while those who did not did not. The middle class was devastated by a calamity brought on by reckless practices at what were presumed to be trust-worthy financial institutions who went bonkers at the money gushing from largely unregulated derivatives, compounded by lax (to put it mildly) government oversight.
Today’s middle class not only lost nest eggs, carefully nurtured savings & home investments, it’s political power, once considerable, has been gutted by the one-two punch of the Meltdown & the SCOTUS Citizens United decision, which put the influence wielded by the monied class on steroids.
If our mothers were still alive, neither John nor I would have been that affected by the ’08 meltdown – like us, my m-i-l owned her home, free & clear; like my mother, her finances weren’t tied to evaporated investments. But millions of others were not so lucky. People lost their savings, their jobs, their home value. And, worst of all, Americans lost their trust in once trusted institutions. Too many have turned inward, turned angry, turned around & try to find someone to blame.
The middle class was most certainly thrown under the Benz, but so too was our entire nation, which has lost its way as well as financial security & even a core sense of who we are.