Economic Downturn Only Going to Get Worse for Working Class (worst in a generation-only just beginni

[Omaha Steve]

http://www.laborradio.org/node/8777

---Lede: As bad as it is, our economic woes are only just beginning. Doug Cunningham reports.

By Doug Cunningham

The economic downturn we’re suffering is the worst in a generation and the misery for workers is only just beginning. That’s according to economist Mark Weisbrot of the Center for Economic and Policy Research.

: “I think it’s going to be worse than anything we’ve had for at least 25 years. Housing bubble was eight trillion dollars in size. This is only about half a burst so far. That means we’re going to have a whole new wave of mortgage write-down and foreclosures. So it’s really just beginning right now.”

After five straight months of net job losses, Weisbrot says to really create the kinds of jobs working families need, politicians have to apply much bigger economic incentives than those tax rebate checks they’ve doled out so far. One positive note in this sea of economic misery for workers though, is social security. Weisbrot says politicians don’t have to lift a finger right now to guarantee its solvency.

: “It is solvent. It’s good for forty years if we don’t do anything. And even if we never did anything to it, it would always pay a higher benefit adjusted for inflation than what workers – retirees – are receiving today.”

[enid602]

1. and yet

And yet, all of the mortgage banks have written off huge amounts; I'd be surprised if they don't recoup a good bit of what they've written off.

[live love laugh]

14. They stand to gain immensely from maturing ARMs. n/t

[bbinacan]

2. What exactly is

working class and how is quantified?

[SpiralHawk]

3. "Who cares?" - Commander AWOL

"It's so tedious hearing you little people whine about having a tough time, just do as we republicon homelanders do and pull yourself up by your own secret Swiss Bank Account. Smirk."

- Commander AWOL

[stillcool]

4. I recall reading...

that if you have to work for a pay check to pay your bills, you are 'working class', and upper class owns/ is bequeathed property free and clear, and makes money off of money.

[sicksicksick_N_tired]

5. My education set forth that definition: working class = work, upper class = own.

Yup!

[bbinacan]

6. Can I be considered working class

if I make 120k but have a negative net worth? A little brain game here.:hi:

[stillcool]

7. How could you not be?

seems like a 'no-brainer'.. My very favorite book on wealth is "The Rich and the Super-Rich" by Ferdinand Lundberg. It is available for free download due to it's copyright expiration at the following website

http://www.soilandhealth.org/03sov/0303critic/0303socialcriticism.html

[bbinacan]

9. Thanks. n/t

[bananas]

12. Wow! Lots of classic books there! Thanks! nt

[sicksicksick_N_tired]

8. How do you "make" that 120K?

Do you earn it or receive it?

[bbinacan]

11. Earn it.

That's my salary. With the added benefit that I get 50.5 cents/per mile driven. I do land aquisition for infrastructe like oil and natural gas pipelines and electric transmission lines and highways.

[conscious evolution]

15. You are working class

120k may seem like a lot but you are really just middle class if you adjust income figures for inflation.
You are upper class if you are living high off the hog from incomes from investments as your sole support.

[SoCalDem]

10. I predicted this years ago.. The Boomers have had their wages held down

for 3 decades, and in exchange ALL sectors of society got plastic cards , instead of raises.

It should be no surprise, that as boomers prepare to "retire", pension-less, savings-less, house-poor and heavily in debt, that a crash was the logical next step..

For a large group such as ours to expect to "cash-out" with success is a folly that many have bought into for too long..

The next shoe to drop is the precious 101-k..NOT a typo, folks..

That will be the final nail in our collective coffin.:cry:

[davidpdx]

13. That's one reason I have remained outside the US

and may not come back for several more years. The economy here in Korea isn't that great either, but compared to the US it is a bit better.

[InkAddict]

16. Then I guess I should feel honored to be among the leaders

of the pack in the race to the bottom - Is there such a thing as FDFU - First Down/First Up (that's the nice one) - like FIFO or LIFO.

Catch me if you can...Hmmmm
Catch me if you can...Hmmm
Gotta get a move-on...Hmmm
We will run with all of our might.

Wearin' my Lance bracelet, ROTFL and ROTFC, at the same time. Resembles insanity; technically we're to be homeless in two weeks. I think that translates to lazy, stupid bums, even on DU, right?