The economic boom so highly touted by the president and his supporters “was, for most Americans,” said Mr. Leonhardt, “nothing of the sort.” Despite the sustained expansion of the past few years, the middle class — for the first time on record — failed to grow with the economy.
And now, of course, we’re sinking into a nasty recession.
The U.S., once the greatest can-do country on the planet, now can’t seem to do anything right. The great middle class has maxed out its credit cards and drained dangerous amounts of equity from family homes. No one can seem to figure out how to generate the growth in good-paying jobs that is the only legitimate way of putting strapped families back on their feet.
The nation’s infrastructure is aging and in many places decrepit. Rebuilding it would be an important source of job creation, but nothing on the scale that is needed is in sight. To get a sense of how important an issue this is, consider New Orleans.
The historian Douglas Brinkley, who lives in New Orleans, has written: “What people didn’t yet fully comprehend was that the overall disaster, the sinking of New Orleans, was a man-made debacle, resulting from poorly designed levees and floodwalls.”
Other nations can provide health care for everyone. The United States cannot. In an era in which a college degree is becoming a prerequisite for a middle-class quality of life, we are having big trouble getting our kids through high school. And despite being the
wealthiest of all nations, nearly 10 percent of Americans are resorting to food stamps to maintain an adequate diet, and 4 in every 10 American children are growing up in families that are poor or near-poor.
The U.S. seems almost paralyzed, mesmerized by Iraq and unable to generate the energy or the will to handle the myriad problems festering at home. The war will eventually cost a staggering $3 trillion or more, according to the Nobel Prize-winning economist Joseph Stiglitz. When he
was asked on “Democracy Now!” about who is profiting from the war, he said the two big gainers were the oil companies and the defense contractors. ...
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