The Demise of the Middle Class: Early 1970's an historic turning
point By Tony Allison, December 8, 2008 As the credit crisis
deepens and morphs into uncharted waters, a little perspective
is necessary on what it is costing, in both dollars and human
terms. You may have seen the mind-numbing comparisons with other
massive government expenditures of the past. These statistics
were inflation-adjusted, courtesy of Jim Bianco of Bianco
Research. The credit crisis, with $4.6 trillion committed (and
perhaps just getting started) already has cost roughly one
trillion dollars more than World War II ($3.6 trillion). The
Marshall Plan to rebuild Europe after the war cost a mere $115
billion. The Louisiana Purchase was a ridiculous bargain at $217
billion ($15 billion originally). It appears that the piper has
finally arrived to be paid for the unlimited debt creation since
1971 and the middle-class is already tapped out. Keepers of the
American Dream The American middle-class, the hard-working
keepers of the American D