"No man can become rich without himself enriching others"
Andrew Carnegie

Saturday, July 14, 2012

James Carville: Middle Class 'Hit by a Truck'

James Carville
James Carville (Photo credit: jdlasica)
A decades-long decline in the American middle class requires serious, long-lasting measures, former Democratic strategist James Carvilletold CNBC on Friday.
“This is a long-term problem. Middle-class decline has been going on for 30 years. We tend to think that the world stopped and started with the financial crisis,” he said on “The Kudlow Report.” “To them, as I say in the book, it’s like someone with pneumonia getting hit by a truck. And it’s a long way back for these people.”
Carville, a political author who previously served as an advisor to President Clinton, recently co-authored with Stanley Greenberg an op-ed piece in the Wall Street Journal, titled, “The Middle Class Needs a Lifeline.” In it, they write, “Today, high school graduates' first jobs pay less than they did in 1973. We are looking back on three decades with fewer and fewer jobs offering health-care or retirement benefits, with people working longer hours and taking on more debt. College costs take a higher proportion of income, even as it becomes harder for the non-college-educated to get their kids to college and social mobility declines. The working-class family is collapsing and only the college-educated are seeing real gains in life expectancy. ... Continue to read.
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