Can workers reclaim the American dream?

• Author: Kennedy, Edward M.

"The plight of millions of families has worsened in recent years because of the growing specter of layoffs.... The cheers on Wall Street mock the tears on Main Street."

Throughout the decades of the Cold War, the paramount national concern was national security. Since the end of the Cold War, concern is exploding over job, financial, health, and retirement security. No political party deserves to prevail if it fails to address this issue and propose a plausible strategy to end it.

The heart of the current crisis is the in and prosperity no longer benefit all Americans fairly. The quarter-century after World War II was a golden era. Hard wore paid off. As the economy grew, income rose for all. This no longer is true. Superficial signs of prosperity abound--the stock market hitting record highs, inflation consistently low, unemployment down--but the prosperity is less than it seems. Americans are working harder and earning less. Their standard of living is stagnant or sinking. They are worried about losing their jobs and health insurance, affording their children's education. caring for their elderly parents, and somehow stir] saving for their own retirement. The rich are getting richer, but more and more families are left out and left behind. The rising tide that once lilted all the boats now lifts only the yachts.

Since 1973, real family income has fallen for 60% of the U.S. workforce. At the same time, the incomes of the wealthiest five percent have risen by nearly a third, and income for the top one percent almost has doubled. For the vast majority of families, the American Dream today has a sign over it that says "Only the Wealthy Need Apply."

The plight of millions of families has worsened in recent years because of the growing specter of layoffs. Jobs no longer seem secure. In the past, corporations reduced their workforces only when they were in trouble. Now, profitable companies lay off good workers in an unseemly race for everfatter profits and ever-higher stock prices. The cheers on Wall Street mock the tears on Main Street.

The Republican Contract With America is largely defunct because it would have made these situations worse. Its massive cuts in Medicare, education, Job training, and other priorities would have exacerbated the insecurities of most families, and the lavish tax breaks for the wealthy would have worsened the income gap. In fact, half of all spending cuts in the vetoed Republican budget plan came from programs...