From the Socialist Courier blog:
American Nightmare (I)
The so-called American dream wherein once poor immigrants became wealthy is turning out to be a nightmare for many American workers.
"The current deflation of home prices is changing America. It's a real estate storm that made landfall like a slow-moving Gulf Coast hurricane here in south Florida and in other once-booming housing markets last year. In recent months it has gathered momentum and spread, shaping up to become perhaps the worst home-price slump since the 1920s and '30s. The bust promises to have lasting effects. Among them: It is defining the limits, for now, of what President Bush has called the "ownership society." A surging foreclosure rate means that the rate of home ownership, after a historic rise, is falling." (Yahoo News, 10 December)
American Nightmare (II)
"More people are requesting emergency food aid and more homeless families with children are seeking shelter, concludes a 23-city survey released Monday by the U.S. Conference of Mayors. Four of five cities say requests for food aid rose an average of 12% from the previous year, according to the survey for the period covering November 2006 through October 2007. Most cities had reported a jump in such requests the prior year as well. Ten of 14 cities with data on homeless families say more families with children sought emergency shelter and transitional housing. About half of the cities say their overall homeless problem increased. Collectively, the cities report giving shelter to 193,183 people." (USA Today, 17 December)