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Wednesday, January 20, 2010

Elizabeth Warren Speaks Out

Elizabeth Warren is the Harvard law professor who chairs the Congressional panel appointed to oversee the bank bailout and one of the two people in Washington whom you can trust to tell you the truth. Here is a direct quote from her committee. "Families today spend less than they did a generation ago on food, clothing, furniture, appliances and other flexible purchases, but it hasn't been enough to save them."

But the people in the top 5% of income have amassed a share of the country's wealth unmatched in a century.

So what the real numbers say is that there has been a massive shift of wealth in the U.S. from the middle class to the wealthiest few. When you combine this fact with the failure to create new jobs I discussed earlier, you will have a hard time being enthusiastic about where the country is headed.

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