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America’s Middle Class Has Become Globalization’s Loser

Posted in H.L. News, Main Blog (All Posts) on October 25th, 2006 9:23 am by HL

America’s Middle Class Has Become Globalization’s Loser

Speigel Germany
Excerpt
But there is a flip side to the coin. First, Americans are so optimistic that they often blur the line between optimism and naivete. Public, private and corporate debt far exceeds any previously known dimensions. Forever piously trusting in a future rosier than the present, millions of households are borrowing so much money that they end up endangering the very future they’re looking forward to. The lower and middle classes have practically given up on putting aside any savings. They’re going into the 21st century like a poverty-stricken, Third World family, living from hand to mouth without any financial reserves whatsoever.

Second, globalization is striking back. The United States has promoted the worldwide exchange of commodities like no other nation, and the result is that their local industry has begun to be eroded. Some production sectors — such as the furniture industry, consumer electronics, many automobile part suppliers, and now computer manufacturers — have left the country for good. In the recent past, free trade has primarily benefited the very rival states that are now mounting an economic offensive on the United States — and which have cut off a large slice of America’s global market share for themselves.

One Response to “America’s Middle Class Has Become Globalization’s Loser”

  1. KENNETH LANE Says:

    The rape of the US workers by the Ruling Class is almost complete——-
    Let them eat cake didn’t work before and it will not in the future. This worker ant is pissed and wants to get even!