Published: November 10, 2003
It's interesting that so much attention is being paid to the modest job creation numbers for October, and so little is being given to a much more significant issue that Democratic presidential candidate John Edwards is homing in on.
Over the past couple of decades, Mr. Edwards said last week, "the American dream of building something better" has been replaced by the reality of "just getting by."
It has become increasingly difficult to get into — or stay in — the middle class. In speeches, reports and interviews, Senator Edwards has been pointing out that despite income gains, most families have been unable to save money and are dangerously vulnerable to setbacks like job losses and illnesses.
Citing statistics from an influential recent book, "The Two-Income Trap: Why Middle-Class Mothers and Fathers are Going Broke," by Elizabeth Warren and Amelia Warren Tyagi, he noted that over the past 30 years home mortgage costs have risen 70 times faster than the average father's income. So you end up with two parents working like crazy just to keep the family economically afloat.
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As Senator Edwards pointed out in a report issued by his campaign: "Credit card companies target people least able to pay and then raise interest rates when people miss a single payment after losing their job. Almost half of all Americans pay the minimum balance or less each month, running up large interest debts."
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http://www.nytimes.com/2003/11/10/opinion/10HERB.html******
It sure looks like it's the economy...
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