“Why a Middle-Class Lifestyle Remains Out of Reach for So Many”—Ezra Klein of the NYTimes Gets it Wrong
Ezra Klein, a journalist and interviewer for who I have the utmost respect, is beating the wrong horse in his evaluation of what went wrong in the American Middle Class. He blames inflation.
Klein notes that “In February of 2020, The Atlantic published a piece on the affordability crisis that was souring a seemingly strong economy. In one of the best decades the American economy has ever recorded, families were bled dry by landlords, hospital administrators, university bursars and child-care centers,” Annie Lowrey wrote. “For millions, a roaring economy felt precarious or downright terrible.”
One thing to consider is for whom the economy roared—a Tale of Two Cities, Wall Street and Main Street
It roared on Wall Street, because the investment community loves a profit and sending production offshore guarantees profits over jobs. Additionally, for foreign investors the dollar is the most secure currency and foreign investors are awash in money, with few places to invest. Wall Street isn’t c…