How will Mr. Biden rebuild the middle class?
By Dr. Larry Fedewa (April 30, 2019)
As our regular listeners and readers know, I have been talking about the “wealth gap” between the 1% of Americans — who control as much as 80% of America’s wealth — and the rest of us for the past several weeks. In a consumer-dominated economy (68% of GDP), the major consumers are the middle class. If the buying power of the middle Americans continues to be eaten away by inflation, the economy will begin to contract, and recession becomes more likely and more severe than anything seen in America since the Great Depression of the 1930’s. So, my conclusion is that something has to be done to increase the wealth of the middle class.
I’m pleased to note that former Vice President Joe Biden has taken this issue as his campaign theme! He has not yet told us how he intends to rebuild the middle class. We shall have to see about that.