Monday, May 30, 2005
War On The Working Class
Conservatives are waging it effectively in the area of housing.
For some American homeowners, the greatest housing boom in U.S. history has delivered riches. They repeatedly tap their homes for equity and use the cash to purchase granite countertops, a BMW, even a trip to the Super Bowl. But there's a dark side -- a sharp rise in foreclosures that is destroying the single greatest generator of personal wealth for most Americans. Foreclosure rates rose in 47 states in March, according to Foreclosure.com, an online foreclosure listing service. The rates in Florida, Texas and Colorado are more than twice the national average. Even in New York City and Boston, where real estate markets are white- hot, foreclosures are rising in working-class neighborhoods. end quote.
The housing boom in working-class neighborhoods, among working-class people, was a feature of the Clinton years.
Its bust is a feature of the Bush II years.
If that isn't evidence of class warfare waged for the profit of elites, I don't know what is.