Smoke and Mirrors

What seems to be happening now is that working Americans, and that includes the middle class, have exhausted much of their capacity to tread water. Wives and mothers are already working. Mortgages have been refinanced and tremendous amounts of home equity drained. And families have taken on debt loads — for cars, for college tuition, for medical treatment — that would buckle the knees of the strongest pack animals.

According to Demos, a policy research group in New York, “American families are using credit cards to bridge the gaps created by stagnant wages and higher costs of living.” Americans owe nearly $900 billion on their credit cards.

We’re running out of smoke and mirrors. The fundamental problem, the problem that is destroying the dream, is the extreme inequality pounded into the system by the corporate crowd and its handmaidens in government.

--Bob Herbert