The middle is falling out of the economy

The American Prospect
by Harold Meyerson

02/13/08

At the surprising invitation of House Appropriations Committee Chairman David Obey of Wisconsin, I testified today to the Labor Subcommittee of the House Appropriations Committee (Obey chairs the subcommittee as well) on the long torm state of the economy, rising inequality, the dearth of good jobs in the middle of the economy, and America’s changing role in the world economy. What follows is an edited version of my written testimony. Mr. Chairman, over the past three decades, not the bottom, but the middle has fallen out of the American economy. The great social achievement of the United States in the 30 years after World War II — the creation of the world’s first majority middle-class, of a society that offered more economic stability to more people than any in human history — has been undone...

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Informant: Thomas L. Knapp



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