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America's political and economic elite spent so long making such terrible decisions that they caused the collapse of 2008. So how can they continue down the same road? The simple answer, that no in charge one wants to publicly acknowledge: because things are still pretty great for the people who run America. It was an accident of history, Jeff Faux explains, that after World War II the U.S. could afford a prosperous middle class, a dominant military, and a booming economic elite at the same time. For the past three decades, all three have been competing, with the middle class always losing. Soon the military will decline as well.
JEFF FAUX is the founding president of and a distinguished fellow at the Economic Policy Institute. He's long written about the global economy for "The American Prospect" and "The Nation. "He is the author or coauthor of five books, including "The Global Class War."
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