Wednesday
Jul252012

Working and middle class economics

The standard of living has dropped since 1970 and is falling further for average families—both two-parent and single-parent families.

Elizabeth Warren, is from a working class family in Oklahoma City, and is now a professor of bankruptcy law at Harvard, and running for the U.S. Senate in Massachusetts. She also conceived and led the establishment of the Consumer Financial Protection Bureau.

In 2008 Ms. Warren delivered the Jefferson Memorial Lecture, "The Coming Collapse of the Middle Class" at University of California at Berkeley, which illustrates simply and clearly the growing challenges for normal families in the stagnating economy. It is an hour long but well worth viewing for an easy understanding of financial risks most U.S. families face.

 

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