When tough times befall us, it's normally the common man's place to right the wrongs that have been dealt to him. In other words, the middle class must pay the blunt of the mistakes, made financially, by the well-to-do and greedy class.
The bottom-line in this current financial melt-down or stepping back is how are we going to fix the greed in this country, in order to give back the right to the middle-class, to operate a family's allocation that allows for an occasional ice cream treat or a trip to the amusement park?
The reply lies in the middle of the greedy pile of decisions to squeeze out the middle class from retention their heads above financial drowning back in the mid 1980's.
As long as the rich were amassing fortunes from this tax and that oversight, the middle class were able to weed their way through the economy by seeking some relief through the tax breaks that were available. Once the rich saw a way to pinch off the tax breaks, in order to supplementary isolate the wealthy from the middle class, did the stepping back train of the 21st century begin to pick up steam and derail the entire American economy through their own greed.
To best by comparison this unwise decision to end a plausible means of dealing with the tax hungry legislators, The Reform Act of 1986 was a 829-page bill while President Reagan's reign of financial economics that was enacted that put an end to allowing the middle class to write-off their interest paid on reputation cards and car loans, what the law termed as 'consumer loans.' from their income taxes.
This tax code convert was designed to step down, in increments, the quality to use the tax write-offs that helped the middle class to keep up with their splendid taxes. By design, it was to curb spending and thus maintain a more stable economy. Oh, did I point out it did nothing to stop the greed of the wealthy from continuing to gouge the middle class, together with reputation card associates and their interest rate greed?
In order to once again, allow the middle class to right the economy, it's imperative to re-instate the quality to let consumer loan interest to be tax deductible. If allowed, the immediate relief will be felt, financially, to the middle class, and to supplementary restore the economy, the lawmakers must enact a bill to crimp the abilities of the wealthy, which includes creditors, banks, and mortgage lenders from development any attempts to raise interest rates that would undermine that equilibrium to the economy.
In hindsight, the lawmakers were trying to use the middle class to regulate the rich, when it reality it should have been the other way around. Aside from the hedge fund greedy and the fuel gouging prices, the American consumers have managed their wallets best than the wealthy have managed their greed. Given the time span of when The Reform Act of 1986 was passed into law, and the current health of the economy, the middle class were able to survive until the wealthy had created ivory towers that were oblivious to what it takes to live above their own means.
If you agree with the viewpoint of this article, I would ask you to share this conception with as many other people as possible. Waiting for the wealthy to fix what they didn't know how to stop in the first place, will only defer the repairs needed to get our economy back on track for the long run. The current management is trying to get the train back on track, but to stoke the motor for the long haul, we need to know that we can offset the costs for the middle class or the demise of our economy will continue versus recover.
Economic crisis - explication From the Middle Class