We have been pointing out, Loudly I Hope, that we are rapidly creating a Two Tier Economy, where the Richy Riches are getting steadily richer and the rest of us get poorer. That is a VERY bad trend.
Secondly, we are now creating a Three Tier Economy with a growing class of permanently unemployed people who will never work again, and a growing class of young people who will never get a job making up the Third Tier.
Today's Los Angeles has a long piece about the effects of the continuing recession. Here is a crucial section.
"Economists worry about the possibility that the growing disparity between the rich and everybody else will widen, that the nation's entrepreneurial energy will be sapped and that a generation of young workers whose earning power and confidence have already suffered will decline even more.
These are things slowly undercutting the underlying resilience of the economy," Harris said.
The likelihood of another recession has risen sharply since spring amid signs of deteriorating employment, manufacturing and business and consumer confidence — accompanied by wild swings on Wall Street."
We can begin with tossing out the entire 7,500 pages of the IRS code book. And understand that will effect you personally, but overall it will increase the income of the Federal government enormously.
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