The Narrow Recovery
Robert Reich writes that the recession is over . . . for the rich.
Meanwhile, employer-provided benefits continue to decline among the bottom 90 percent, according to the Commerce Department. The share of people with health insurance from their employers dropped from 59.8 percent in 2007 to 55.3 percent in 2010. And the share of private-sector workers with retirement plans dropped from 42 percent in 2007 to 39.5 percent in 2010.
[snip]
But if you’re in the bottom 90 percent, you own few if any shares of stock. Your biggest asset is your home. Home prices are down more than a third from their 2006 peak, and they’re still dropping. The median house price in February was 6.2 percent lower than a year ago.
There is still plenty of work to do, to get the economy where it needs to be. And, to be clear, I’m not talking about more tax cuts for the rich.
Tags: Economy
Day One of recovery will be the day the hell-spawned Bush tax cuts are finally allowed to expire.
Obama, December 7 2010:
If he wants to fight for a middle-class-cuts only bill, he’d better start fighting for it now. If not, then he better start preparing himself to veto anything that extends the tax cuts for the rich, hostages or not.