The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: longnshort who wrote (25037)	1/20/2010 2:01:35 PM
From: DuckTapeSunroof	Read Replies (1) of 103300

THESE THINGS are not funny: The truth of the matter is that, if you adjust for inflation, the average income of American males has not grown in real terms since the 1970s. Most families have compensated for that by sending mom to work outside the home. (The simultaneous push for equality by the women's movement masked the fact that significant numbers of women now in the workforce were drafted by economic necessity.) The mass unemployment that followed Wall Street's meltdown upset even that precarious balance, and the situation is even worse than the unemployment figures suggest. According to work done by Harvard professor Elizabeth Warren, who chairs the congressional panel appointed to oversee the bank bailout, 20% of all Americans are either jobless, underemployed or simply have given up looking for work. One out of every eight Americans is on food stamps, and one out of every eight U.S. mortgages is in default or foreclosure. The wholesale flight of American employers from the responsibility of maintaining traditional pension plans forced tens of millions of 401(k) participants into the equity markets to secure their retirements. The crash erased $5 trillion from their accounts.

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