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American families are feeling the pressure of a tightening economy from all sides. They are burdened with massive amounts of debt that have become harder to handle due to accelerated house price drops and the stagflationary nature of the downturn. Jobs are going away, wages are flat, and benefits are disappearing, while prices are skyrocketing everywhere.
Just like a balloon squeezed from all sides, family finances are increasingly being burst. And the overall economic outlook doesn't help. Massive trade deficits pose a drain on our national resources, slowing innovation means that we are generating less of what we need, and long-term budget deficits due to tax cuts for the rich are preventing the government from addressing the economic needs of America's families.
THE CENTER FOR AMERICAN PROGRESS
www.americanprogress.org
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