On the way down: the erosion of America’s—and Britain’s middle class

by ecologics

Back in the days when I was a postgrad student a wise professor noted that he couldn’t understand why public services in the UK were being slashed. He offered a series of compelling statistics that showed how the first wave of Thatcherite politicians (we’re now experiencing the third wave) was lying through its teeth about the need for what the neocons today describe as ‘fiscal austerity’.

Many years later, Britain is once again in the jaws of a neoliberal crocodile that is about to do another death roll. The United States is in more or less the same position, despite the timid flailings of Barack Obama and his coterie of apparently Rambo-esque advisers. This time, many people wonder whether it will be the neoliberal croc’s last hurrah; a country can take only so many ideological drownings before the social air runs out. Alas, the Thatcherite crocs in both countries may soon find that they too, can be devoured by bottom-dwellers.

This post is simply to say that I’ve finally found an article that represents, in all clarity, what this process is really all about. Have a look at the international edition of Der Spiegel, which provides a razor sharp analysis of who stands to lose—and gain—from the neoliberal spell.

On The Way Down: The Erosion of America’s Middle Class