''The Death of the Great American Middle Class''

"Ronald Reagan, the conquering hero of American conservative mythology, was born in 1911.  He came of age during the Great Depression.  People of his generation had it tough.  They worked hard to make ends meet, but their hard work was rewarded with ever-increasing standards of living.  For Americans of their generation, things started out hard but got better and better as time went on.  They were perpetual optimists, because living in America they could always be sure of one thing: life would be better for their children than it was for them.

That’s simply not true anymore."

from steve keen's debt watch...