American Dream and Middle Class in Jeopardy

American Dream and Middle Class in Jeopardy

By Jeanna Bryner, Senior Writer
posted: 09 October 2008 01:47 pm ET

The presidential candidates say they connect with and "get" the American middle-class. And the government's bailout plan for Wall Street has been billed as the best way to help Main Street keep its white picket fences.

Meanwhile, the financial crisis has only gotten worse since the $700 billion bailout package was announced, and it threatens to squeeze the middle class like never before, robbing people of homes, life savings and the economic security that has long been a staple.

Already, real income (which adjusts for inflation) has been stagnant since the 1970s, straining middle-class budgets and pushing wealth and power into the hands of the very few. Now some economists and sociologists fear the current crisis could make it all even more inequitable, putting the American Dream, the inspirational foundation of the middle class, at risk.