I was talking with a friend the other day, and we quickly concluded that without the Middle Class the economy goes down the toilet.
Three major auto Industrial corporations are essentially shut down. As a matter of fact, the situation is so bad, thanks to a crisis on Wall Street, and the virtual liquidation of the American Housing market, that it is a real possibility, if not probability, that the Auto Industrial Complex in The United States might go under. In short, our economy was coming unglued.
President George Bush saw the hand writing on the wall. “Look, this thing is going down, if we don’t do something now”, he said and the Bail Outs began. No…..The Bail Outs are not the birthchild of Barrack Obama, the bailouts started with president Bush. Now, that we have that out-of-the-way, we can continue on with the ungluing of the American Economic structure.
As the auto industry slid into decline, and the Montage scandal escalated, the lay offs began. The Lay Offs increased the unemployment lines grew and a chain event began. Wal-Mart slid, Kmart slid, Sears almost went under, Even Meijer slid downward. Home values dropped like a rock, Stock Market declined, even banks began to go under.
Entertainment took a sharp turn toward the red. Theaters and restaurants saw fewer customers. Sales dropped as well. Meanwhile, some on wall St. raked in the profits from our loss. Money Houses recalled loans, and Mortages. Withen two years the American economy was a shambles.
Now I am not going to try for a minute to explain all the in’s and outs of how and why all this went down. I won’t venture to say who was or should be responsible. All I know, is that the bail outs had not occurred, we would not be where we are today.
The deeper we went, the worse it got. Middle Class families started to experience problems they had never imagined they would ever have. They lost homes, and cars, and filed bankruptcy. For those working, their wages were reduced, part of the conditions behind bailouts. They began a gradual dive toward poverty. I remember standing in line at a Wal-Mart one day. The lines were busy, the only problem was, there was very little in the shopping carts. As a matter of fact, there wasn’t very much in ours either.
The poor used to food assistance, began competing with Middle Class used to be’s for help. Then unemployment benefits started to run out, and the real trouble began. Now people were actually facing homelessness for the first time in their lives.
Somehow, the problem was resolved. Fast track to April 2012. currently people are returning to work. Gradually the economy is recovering. Housing values slightly higher. Theaters are enjoying a bigger customer base, restaurants are up and running again. and the Middle Class is rising, and confidence is building. The recovery is slow, but the economy is working its way out of the sluggish, scary slump we were in. Now that the Middle Class is recovering, they are buying again, and other factions are on the mend as well.
That is my point behind this article. Something i have said again, and again, No Middle Class, no business, no business, no economy, no economy, no country! Simple as that. This country depends on a middle class group who buys the cars, houses, washing Machines, Dryers, TVs , VCR, Recorders, restaurant food, and goes to the movies. The Rich are minority in this country. They can not, and will not support the economy of The United States. The poor can’t do it……They are too busy just trying to survive. The economic structure of this country is based on a thriving middle class. So, all this talk about the systematic destruction of the middle class should be re-thought. All one has to do is look back at where we were. Look at where we are. And you do the math!
That’s my point of view…….Have a great day and as usual……God Bless America!