Clinton and Bush were both smart politicians, but there was one thing that both men got wrong. As Glenn Reynolds explained, they tried to expand the middle class by subsidizing things owned by middle-class people -- like college educations and homes -- assuming that middle-class status would come along with them. But in fact, homeownership was a result of middle-class values -- of being willing and able to save, and to defer gratification -- and not the cause of them. Instead of expanding the middle class, dodgy home loans for people with no past record of saving merely led to unfunded investments and debt.
Friday, August 8, 2014
Markers Of The Middle Class