- Chicago School’s intellectual revolution and the derived policies changed the original goals of antitrust and anti-monopoly regulations
- Dividing Working Class: How Liberals and Conservatives separated race from class from the Cold War to Clinton era
- Louis Hyman: the restructuring of the corporation led to the restructuring of work, decreasing labor incomes and increasing personal debt
Join the Economic Sociology and Political Economy community via
Facebook / Twitter / LinkedIn / Google+ / Instagram / Tumblr
“So, when people borrowed in the post-war era, they were able to pay back what they borrowed. That changed in the 1990s … and it wasn’t because people were borrowing more. It was because they were making less money.”
Simply not true. Household, at all income levels increased borrowing from 1989 to 2004, by -triple digit- percentages, per Federal Reserve data. During this same period, household incomes of the lower 80 percentiles largely stagnated, then declined after 2004, per U.S> Census Bureau data.
Thus, households substituted the lack of substantive income increases with increases in debt loads.
See pp. 3-5 in “The Vanishing Middle,” free download available on Google drive at bit.ly/1KHjBKy