The Erosion of America’s Middle Class

An increasing divide between rich and poor limits US consumer spending, contributing to an economic slowdown around the globe. The world’s richest nation continues a downward spiral with foreclosures, joblessness and hunger. The current tax system, along with ongoing pleas to reduce taxes further, directly benefits the wealthiest while dismantling public services that secure the middle class – including education, libraries, small-business support or job training. Instead, communities scramble for low-cost emergency patchwork solutions, such as allowing the homeless to sleep in cars, explains Thomas Schulz for Spiegel Online. The number of billionaires is rising, with funds concentrated in fewer hands. Billionaires’ pledges to charities of their choosing, while generous, are tax write-offs that reduce their tax obligations and further restrict democratic decision-making and policy decisions. The crisis – years in the making and structural in nature – requires political leadership that values the common good over immense wealth for a few. – YaleGlobal