geography of middle classes

Doug Henwood dhenwood at panix.com
Fri Jul 7 10:41:41 MDT 1995


At 12:04 AM 7/7/95, jones/bhandari wrote:

>Levitt notes that the interest of some wage-earners, who are  only formally
>proletarians, in maintaining the value of their assets ("whether in the
>form of institutional savings or home ownership") will lead them to  align
>with the same "creditor interests which drive restrictive monetary policy
>and the privatiziation of public and social infrastructure".

I don't want to bore people with stats on wealth distribution, but it's a
pretty small segment of US society that fits this bill. Tight money is hell
on real estate, and that's where most middle class savers have the bulk of
their assets (i.e. own their house) - and there are an awful lot of people
who owe big mortgages on these assets. Only about the top 10% have a
respectable wad of financial assets, and really only the top 2% have
appreciable wads. When people say things like this, you almost suspect that
they're revealing more about their own solvency & peers than they are about
society.

Doug

--

Doug Henwood
[dhenwood at panix.com]
Left Business Observer
250 W 85 St
New York NY 10024-3217
USA
+1-212-874-4020 voice
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