the [alternate] patriot


 

Monday, September 01, 2003

Sinking fortunes of the middle class

 
From the New Statesman 9-1-03 online:
Under the economic policies that define "globalisation", the poor and the middle classes in the major western economies have had their real incomes cut, and now enjoy a smaller share of their national GDPs. The build-up of debt is not their fault. They (and their children at university) have been forced to borrow to compensate for the fall in their incomes. The rich, enjoying their inflated assets, have not needed to borrow, and therefore have low levels of debt. Unlike their middle-class neighbours, they are not boosting the economy by spending; they are just sitting on the rising value of assets. --Ann Pettifor Coming Soon: The New Poor


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