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The middle class falls behind during 'lost decade'
President Obama discusses middle class tax cuts with Jason McLaughlin, his wife, Ali, and their 4-year-old son Cooper at their home in Cedar Rapids, Iowa
August 23rd, 2012
12:16 PM ET

The middle class falls behind during 'lost decade'

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

Is California Greece?
California Gov. Jerry Brown proposing $8.3 billion cuts in California to help close a projected $16 billion budget shortfall.
August 23rd, 2012
09:23 AM ET

Is California Greece?

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.

FULL POST

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