Two Track Economy

In Thursday's New York Times (link here), M.I.T. economist Simon Johnson adds credence to what many of us are thinking about today's economy:

The United States has, over the past two decades, started to take on characteristics more traditionally associated with Latin America: extreme income inequality, rising poverty levels and worsening health conditions for many. The elite live well and seem not to mind repeated cycles of economic-financial crisis.

He discusses the many competing economic forces we are now facing and how they will impact the average family. His bottom line concern is that the rich will survive and the rest of us will continue to lose ground -- possible indefinitely.

He doesn't provide any solutions, just food for thought--and the importance of finding a way to keep the middle class alive. He like most economists, believes that you can't have a healthy economy without a healthy middle class.