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Thursday, January 12, 2006

The Rapid Disappearance of America's Middle Class

Published on Wednesday, January 11, 2006 by the Seattle Times 
by Floyd J. McKay
Honk if this sounds like you or someone you know.
You were born during the Great Depression or World War II. Your father either grew things or made things, your mother was primarily at home.
You graduated from high school and went to college. If you graduated, you were the first in your family to do so.
You worked for one company or institution much of your life and received a fixed pension, which with Social Security provides a decent if not rich retirement.
You have helped care for an elderly parent on Social Security and Medicare.
You have also had to help at least one of your adult children because of financial problems brought about by loss of a job or a spouse's job, serious medical expenses, divorce, or a combination of the above.
You worry about your children's ability to get and stay ahead in ways your parents never worried about you.
There is reason for that concern, according to Elizabeth Warren, a Harvard law professor who has written widely on the financial challenges to middle-class America in our globalized, outsourced and downsized world.


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