Economic Snapshot for April 2008
America’s families are caught in a perfect storm. Massive amounts of debt, falling house prices, disappearing jobs, flat wages, lower benefits, and skyrocketing costs for the most important consumer items are quickly emptying the pockets of middle class America and bringing many families to the edge of financial ruin.
The fact that policymakers have for years ignored large economic imbalances only exacerbates threats to the economic well-being of American working families. Massive trade deficits pose a drain on our national resources, slowing innovation means that we are generating less of what we need, and long-term budget deficits due to tax cuts for the rich are preventing the government from addressing the economic needs of America’s families.
