Many (most?) Americans Can’t Afford To Pay Rent, Eat Food, Buy Stuff, Or Get Sick
The middle class has continued to sufer, but more quietly in recent years. Consumer debt has allowed many to limp along.
We live in a crony capitalist society, driven by the Federal Reserve, where most of the middle class is shut out, or almost shut out.
Policymakers ignore the main lesson of the crisis of 2008 that monetary and fiscal stimulus policies do not bring about a solid recovery but manufacture a phony economic growth that distorts the economy’s structure of production. Instead of a V-shaped recovery that would occur if government abstained from intervention, policymakers produce an L-shaped agony.