Economist Richard Wolff said the loss of middle-class status for so many led Americans to turn to credit as a way of maintaining an illusion that they still could afford to consume, and over time that produced a national economy built on “a house of credit cards.”
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"We took on a level of debt that no working class in any country at any time in the history of this planet ever did before,” Wolff said. "The fundamental issue is that we've run out of ways to keep this going. The wages are not going up and the credit is now tapped out."
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