The Coming Collapse of the Middle Class

This is a one-hour lecture by Elizabeth Warren, who was interviewed in Maxed Out and Secret History of the Credit Card. She has authored books, but I have not read them.

This is an illuminating video. She compares the inflation-adjusted income and expenses for a 2-parent/2-child household from the early 1970's with that of a similar family from the early 2000's -the space of one generation. It's an everything-you-know-is-wrong moment and an important situation to give serious attention to. She fears we're moving from a 3-class society (in which there are a few rich and a few poor with a large majority of people firmly in a stable middle class) to a 2-class society (in which a slightly larger group of rich people is at the top and everybody else falls into a group of folks at high risk who can never hope to achieve firm financial footing).

I wish the Q&A had been included.

HT: Economist's View