Tomgram: Barbara Ehrenreich and John Ehrenreich, The Fall of the Liberal Elite

Excerpt from Tom's Introduction

You might almost think the news was good.  The Europeans, so headlines tell us, have at least a“partial solution” to the Euro-zone crisis (until, of course, the next round of panic is upon us); the stock market has sort of rebounded (until the next precipitous plunge); the unemployment rate“dropped sharply” to 8.6% in November, the lowest it’s been in more than two years (thanks in part to the strangest category around -- the 315,000 people who grew too discouraged last month to look for work and so were no longer considered unemployed but out of the labor force); and talk of a double-dip recession seems on holiday.  So why pay attention to the modest-sized Associated Press story you were likely to find, if at all, deep inside your newspaper (as on page 21 of last Friday's Washington Post)? It was headlined “Household wealth down in 3rd quarter,” with the telling subhead, “Corporate cash continues to grow, Fed report says.” ... Read more at Tom's Dispatch.