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The funniest part of this scenario is that the ultra rich are already starting to get pissed off. They aren't getting the service they are used to! The exclusive shops are closing! The fancy gourmet restaurants are closing or if they are still hanging on, the prices are up and the portions are down.

It's not going to matter what income bracket your are in. We are heading into a very changed world, and it won't be to anybody's liking.

Guy McPherson

Actually, Gail, a massively changed world will be to the liking of me and a dozen or so people I know. But only if we get to the post-industrial Stone Age fast enough to save a few of the remaining species on this planet, including ours.

Greg Pinelli

If this 2 part series is to have any relevance it needs to recognize that the problem isn't on the revenue side..it's on the expenditure side. Whatever one thinks about about tax policy the road the President has taken is one of playing income groups off against one another..Remember, Barrack Obama USED to think $110K income made one rich!

The Middle class is "going down the tubes" not because other people are making more..but rather because they bought, as a whole, into the debtor philosophy and the have it now mentality and sold themselves out for for $100 a month gardeners and maids..and Chinese made Wal-Mart crap! They also buy hook line and sinker into the Best College or Die one-upmanship mentality..it is and has been a self made delusion binge fest.

Don't encourage consumption..enciurage debt buy down..don't buy off one group at the expense of another. Get the hell out of foreign hell holes we have no business in..stop being Bush Light.

Robin Datta

All the spending of fiat money is predicated upon the premise that future "growth" will repay the debt now incurred. Failing that, the alternatives are sovereign default and/or inflation. A default might reduce the quantity of fiat money floating around. But any disproportion in the quantity of money and the real goods for which that money is putatively exchangeable will sooner or later show up as inflation. With resource depletion resulting in unsatiated demand,this will more likely be sooner than later.

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