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During the debate, Senator Biden made the following statements as part of his response to one of the moderator’s questions.
”The economic engine of America is middle class. It's the people listening to this broadcast. When you do well, America does well. Even the wealthy do well.”
Biden indicated his belief in a cause and effect relationship between a growing middle class (cause) and the overall positive health of the economy (effect.)
For discussion purposes: Does Biden have this correct? Is the middle class the “cause” of a healthy economy? Or, does Biden have this backwards? Is a growing middle class the result of a healthy economy?
While this may sound like a pointless “chicken or egg” discussion, the impact of this has profound policy implications.
For example, policies intended to help the middle class may provide a temporary boost or “band-aid” but will not have a lasting benefit.
The question is: Is a growing middle class the driver of a healthy economy or a byproduct of a healthy economy?
I think Biden's right. A large, healthy middle class helps support a stable political and economic landscape. The more stable a system, the more secure investors feel putting their money into that system. And an economy that deliver consumers, with regularity and predictability, is a boon to manufacturing and production.
I think Senator Biden is correct as well. You need a healthy engine in order to produce consistent output. Catering to the middle class, the consumers, is the way to produce that healthy output. The wealthy will benefit as a result.
Since 70% of the US economy is driven by consumer spending, then the more consumers (workers) there are the better it is for the economy's health and growth.
I too think Senator Biden is correct, but from a different angle. In my opinion, it is not so much 'wealthy' verses 'middle class'. I think in terms of majority (middle class) and minority (wealthy). If the majority is stable and sound the minority will do at least as well... but more than likely better.
Agree with Biden. If you look at the most prosperous times in American history, it was the middle class buying and selling goods and services to each other and other markets. Sure, the wealthy consume a lot of luxury goods and services, but nowhere near the volume of the rest of the country.
The creator of JOBS is what keeps this country running---and that's NOT "middle class", whatever that is! (I wish someone would define "middle class"!)
Look what our elected officials have done to us...we are in a major economic downturn--and it's not the Republicans or the Democrats...it ALL of those in Congress. They have sold our collective souls to advance their own agendas and it's time we get rid of the whole lot of them. INSIST on term limits---serving our country should NOT be a career! If the "special interest groups" knew that a congressman would only be there for 1 term, they wouldn't spend the phenomenal amounts of money on that congressman, to get them to do their bidding. Every single one of them are bought, and crooked as hell. Oust them!
We have GOT to get this country back on track, so that everyone has a chance to make what they will of their own life...right now, we have no choices!
Neither Biden or Palen have a solution and neither do Obama or Mccain. It's truly a pity what we've (as the citizens of this country) have allowed to happen. We've been so busy looking for some sort of a "hand-out" that we've totally lost our way.
The creator of JOBS is what keeps this country running---and that's NOT "middle class", whatever that is! (I wish someone would define "middle class"!)
Look what our elected officials have done to us...we are in a major economic downturn--and it's not the Republicans or the Democrats...it ALL of those in Congress. They have sold our collective souls to advance their own agendas and it's time we get rid of the whole lot of them. INSIST on term limits---serving our country should NOT be a career! If the "special interest groups" knew that a congressman would only be there for 1 term, they wouldn't spend the phenomenal amounts of money on that congressman, to get them to do their bidding. Every single one of them are bought, and crooked as hell. Oust them!
We have GOT to get this country back on track, so that everyone has a chance to make what they will of their own life...right now, we have no choices!
Neither Biden or Palen have a solution and neither do Obama or Mccain. It's truly a pity what we've (as the citizens of this country) have allowed to happen. We've been so busy looking for some sort of a "hand-out" that we've totally lost our way.
Companies create jobs because there is a demand for their products or services. They don't do it out of the kindness of their hearts. So where does that demand come from? 9 times out of 10 it can be traced to consumer spending.
In addition, I know a lot of small business owners who would probably fit the middle class (probably make a little over $100K/year, modest homes, etc.)
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