The impending collapse of the middle class07/08/08 Robert Lorei
Radioactivity: Live Call-In (Tuesday) | Listen to this entire show:
Good afternoon, welcome to Radioactivity, Iâ€™m Rob Lorei.
Coming up today a powerful talk by Harvard professor Elizabeth Warren about the financial risks facing Americaâ€™s middle class. But first a listener comment about last Thursdayâ€™s program. We got into another discussion about a possible attack by the U.S. against Iran. Hereâ€™s what one listener had to say.
Coming up next a speech by Elizabeth Warren, the Harvard professor. Warren writes that â€œthe American middle-class family that once could count on hard work and fair play to keep itself financially secure has been transformed by economic risk and new realities. Now a pink slip, a bad diagnosis, or a disappearing spouse can reduce a family from solidly middle class to newly poor in a few months.
"Middle-class families have been threatened on every front. Rocked by rising prices for essentials as menâ€™s wages remained flat, both Dad and Mom have entered the workforceâ€”a strategy that has left them working harder just to try to break even. Even with two paychecks, family finances are stretched so tightly that a very small misstep can leave them in crisis. â€œ
Hereâ€™s a talk Elizabeth Warren gave earlier this year at U.C. Berkeley on the crisis facing the middle class.