Quote of the Day: The Middle Class is Dead
Gawker's Hamilton Nolan on the rapidly disintegrating middle class in America:
We have become and will become ever more so a nation in which a vast economic underclass caters to a tiny upper class that possesses the lion's share of the wealth, which it gains to selling goods with built-in obsolescence to that underclass, which still believes, wrongly, that it can approximate the middle class lifestyle by falling into debt in order to purchase consumer goods which create the shared illusion of superficial prosperity.
The American economy is built on superficial prosperity. Literally everyone I know has a plasma screen TV, a nice car and the latest Iphone. But none of them have any savings, a house or a mortagage. Some will inherit money from rich parents, the rest will have to work the rest of their lives paying off credit cards and loans their salaries don't quite cover. Not exactly the American dream.