By Tommy Andres, CNN
(CNN) - California resident, Mike, says he has to keep working to get by, but at 58 he’s starting to feel too old. He considers himself in the middle class, but jokes he’s probably in the “lower part:”
[:14] “I’m just scratching along, man. I’m in a hole so deep I’m still trying to get out.”
Since World War II, American families have gotten richer every decade. That is until 2000. FULL POST
By Jim Roope, CNN
(CNN) - Earlier this month, presidential candidate Mitt Romney half-jokingly made a comparison of California’s economic situation to that of Greece.
[:08] “…at some point America is going to become like Greece or like Spain or Italy, or like California. Just kidding about that one…in some ways.”
While the comment angered some California Democrats, Shoshanna Grossbard, an economics professor at San Diego State University, says California is not Greece, but the situation is pretty gloomy.
It’s not just California’s nearly $16 billion deficit, or the nearly 11-percent unemployment rate, the down housing market and high foreclosure rate, or the poorest credit rating in the nation.