Readers with access to American network NBC may like to set aside some time tomorrow night for a special episode of the program Dateline called America Now: Lost in the Suburbs. Newsguy Lester Holt looks into long term unemployment, food banks and the recent confirmation (Federal Reserve Bulletin for June 2012) that something like 40% of the wealth of the US middle class has simply evaporated. Even if a lot of that wealth was in the form of bubble money and attached to specualtive real estate in a Ponzi economy this must surely represent permanent demographic change, a permanent state of damage. What a spectacle it is, to see “ordinary” middle class American families go from employment and reasonable fulfilment of their ambitions to poverty. 2008 was a long time ago for some of the people interviewed. Holt focussed on Boulder, Colorado, a community where the majority of people thought things were really quite good, that they were getting a deal as square as their state. Now it’s all about food banks and scraping by after your savings and unemployment insurance have run out.
Great recession Fallout Huffington Post