Robert Reich - Businesses won't hire and expand unless they have more customers, but most Americans can't spend more. Last Friday's retail sales report showed sales down .4 percent in March. Consumer sentiment has fallen to its lowest level in nine months.
The underlying problem is the vast middle class is running out of money. They can't borrow more — and shouldn't, given what happened after the last borrowing binge.
Real annual median household income keeps falling. It's down to $45,018, from $51,144 in 2010. All the gains from the recovery continue to go to the top.
The underlying problem is the vast middle class is running out of money. They can't borrow more — and shouldn't, given what happened after the last borrowing binge.
Real annual median household income keeps falling. It's down to $45,018, from $51,144 in 2010. All the gains from the recovery continue to go to the top.
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