"more fresh college graduates filing bankruptcy than ever and increasing numbers of the middle class economically sinking."
Sigh... I think the fundamental underlying problem is more that people's mouths are getting bigger than their wallets. Consumer spending as been increasing, luxury brands have become mainstream while the prices havent, and Americans are falling more and more into credit card debt. Ever seen a poor black woman in sweatpants or that college girl on student loans carrying a $500 Louis Vuitton purse or wearing Chanel sunglasses? See those people next door to you in that large McMansion (that are being built in record numbers) with the nice new car and speedboat? He's up to his eyeballs in debt.
The national debt of course is a macroeconomic reflection of what people are doing in their own lives. We live in a very instant gratification materialistic celebrity driven culture so how of course thats going to lead to people buying more than saving. Americans have some of the worse savings rates in the world. It seems like all the indicators he gives for why the rich are getting richer and the poor are getting poor can stem from this problem.
The American Dream is still alive. My parents and myself are proof that you can work hard, provide for all of your needs, and live a comfortable life if you make the correct decisions with your money (save, invest wisely, get an education, think towards the future). The inlaws on the other hand who make more money than my dad and have a nicer house with a pool and better dressed children are living paycheck to paycheck with no retirement money because they never saved or invested.
Sigh... I think the fundamental underlying problem is more that people's mouths are getting bigger than their wallets>>>>>>>
I largely agree with everything you have said here, I would only add that, taxes consume a higher percentage than most people ever realize, inflation is much worse in terms of necessities than the government figures indicate and huge numbers of Americans apparently feel that they are doing well as long as they have a lot of "nice things" and can make their payments on them, even though they owe more than all of it together is worth. A lot of those people with the big cars, houses, etc. have an actual net worth of zero or even a negative figure. When do they wake up?