Posted by: martysweather | December 3, 2008

Blue Collar Folks Taking a Beating

The people who do most of the suffering and ultimately lose most of the money in a recession are the Middle Class. The lower class didn’t have much anyway and the Government will take care of them. The upper class can ride things out with just a little reduction in their lavish lifestyle. It’s the working Middle Class that had a little money in their 401 K’s and likely some bills and mortgages that they were paying while they had jobs.
But, when those working Middle Class folks get laid off from work they have to tap into their 401 K’s when Stocks are down. In these times, way down. When the economy does come back their portfolio’s are depleted any cash in the bank is gone, they are usually deep in debt and maybe starting a new job at a lower pay rate and less benefits.
And this is why if you look back in history, from time to time the “workers” throw a revolution and chop off some heads. I’m not entirely sure we are to civilized to not do that sort of thing now days.

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