For years, we have lived in a fictitious economy, where many Americans lived paycheck to paycheck with incomes barely enough to scrape by. These people seemed to be middle class because they lived off of credit cards and home loans. It seemed like everything was OK as long as everyone could keep making their minimum payments.
But all it took was one disaster or even one changing variable: a lost job, a car accident, a property tax increase, a rise in gas prices, an ARM inflating like a black balloon looming over the losers of the crashing housing market.
Employers thought they were paying their employees enough. Everything seemed OK. Employees didn’t complain. They just kept using credit to buy the things they needed and wanted.
Now that the curtain has been raised and we see the truth behind this ridiculous system of over-extended credit and underfunded middle class jobs, we can only sit and wait to see what will happen. We look to government to bail us out because god forbid big corporations ‘spread the wealth’ by paying the ordinary worker more and their overpaid executives a little less. After all, executives have to make sure they can pay for their private jets and country club fees.. they are entitled after all to do as they please with the money they have leeched from the working people of America. They are entitled.