The Forgotten Class

From last week’s Bill Moyers Journal, Michael Zweig, Professor of Economics and Director of the Center for the Study of Working Class Life at the State University of New York at Stony Brook, talks about the economic realities of the downturn:

I’ve always found that rubric of not paying more than approx. 30% of one’s income on housing highly amusing. Clearly, this is something founded on an econometric model that’s no longer tethered to reality, at least for millions of people. Heck, if I can manage to keep that figure to within the 50-60% range on a month-to-month basis, then I consider myself quite fortunate (this month, it’s been more like 90%).

To many of us, the whole gauzy notion of “middle-class” increasingly seems like a delusional fantasy, or at the very least, an absurd anachronism.

The complete interview can be seen here. On a related note, David Sirota eviscerates the kleptocracy and rubbishes McCain’s cynical calculations that the American public is perhaps just stupid enough to subscribe to his fact-free “Joe the Plumber” fairy tales.