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Biden’s Spending Bill Won’t Save The Middle Class
President Joe Biden’s reconciliation bill is a self-conscious response to the decline of the American middle class — the difficulty of breaking into it and the ease with which people drop out of it.

the bill contains several policy proposals that will make the lives of many ordinary Americans a little easier. But there is little to suggest that it will be able to meet Biden’s goal of “rebuilding” the middle class, because the bill is largely silent on one of the key planks of middle-class status today:
asset ownership.

The bill proposes investments in education to facilitate workers seeking new skills at different points in their careers to maintain employability, plus parental and sick leave entitlements for workers and various tax credits and direct payments. These would be significant accomplishments and would undoubtably take significant financial pressure off households.

But today, employment by itself is less often the ticket to middle-class status that it used to be, the result of a combination of stagnating wages and the rapid growth of asset values that have been such marked features of the past four decades in Anglo-capitalist societies.
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