'America's Anxious Class'

Paper Summary:

This paper takes a look at 'America's Anxious Class' by Robert Reich. According to the paper, as secretary of labor during Clinton's administration, Reich focused on the relation of the government's economic party to the nation's economic health. The paper reports that it was his opinion that the nation should develop industrial policies designed for the nation as a whole rather than interest groups. The paper goes on to talk about the struggles of the American middle class.

From the Paper:

"Secondly, the job growth was very slow after the Second World War and the wages became flat. "In inflation-adjusted terms, family incomes did not rise in any single year between 2000 and 2004. Almost all groups saw either declines or flat incomes during this period, with two small exceptions: High income families and Hispanic families saw minimal income increases from 2003 to 2004. But the overall declines from 2000 and 2004 were larger for minority families and lower income earners than for their higher-earning counterparts. For instance, from 2000, the last full year of the last business cycle until 2005, the inflation-adjusted incomes of black families declined by 8.2 percent, and those of Hispanic families dropped by 4.3 percent. White families saw their inflation-adjusted earnings drop by 2.5 percent over the same period. Low income families' earnings declined by 7.5 percent compared to a decrease of 3.3 percent for middle income families. In fact, the decline after 2000 for low income families was large enough to erase almost all income gains made by low-income families from 1989 to 2000" (Middle Class in Turmoil)."

Sample of Sources Used:

• R. Reich. America's Anxious Class. New Perspectives Quarterly (Winter, 1995)
• Halpin, John and Weller, Christian. "The $871,000 Job Subsidy". Nov. 2006.Center for American Progress. 11th Dec. 2006 <http://www.americanprogress.org/issues/2006/11/job_subsidy.html>
• Weller, Christian. "Continuing the Slump". Nov. 2006. Center for American Progress. 11th Dec. 2006. <http://www.americanprogress.org/issues/2006/11/slump.html>
• Weller, Christian and Staub, Eli. "Middle Class in Turmoil- Economic Risks Up Sharply for most Families Since 2001". Sept. 2006. Center for American Progress. 11th Dec. 2006 <http://www.americanprogress.org/issues/2006/09/midclassreport.html >

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