I think that very few of the economists are pointing to the real problem here which is a declining middle class. Wages have consistantly dropped compared to cost of living over the past 30 years. The way most middle class families have sustained a "middle class" lifestyle is to run up their debt. It is easy to say "live within your means", but that would mean an end to the middle class, as the majority of Americans would fall below what we consider "middle class" today.

All the other problems such as the housing crisis, banking crisis, credit crisis, etc....they are all a result of this issue. And thus, anything short of addressing this issue will be a temporary bandaid on the real problem.

People all scream about "income redistrubution" -- and that is why the politicians are affraid to really take on this issue. But you won't have any income to redistrubute if this problem is not addressed. We'll see what you think when the DOW is at 4000, or maybe 2000. Don't worry...it is coming...that much is for sure.

They should forget about raising the income tax rate, or other trivial stuff like that. They should eliminate all income and sales taxes, and impose a flat wealth tax -- everyone pays the same rate. Something similar to how you pay property tax on your home. Next, they should impose a 30 hour work week on all business, except those with fewer than 25 employees. A few changes like that will go a long way towards fixing the problems. Not this idiotic spending bill, that while helpful, will not fix any problems long term.

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my experience on X5world when I spend too much
time posting in political threads in the lounge...