Elizabeth Warren, chair of the Congressional Oversight Panel created to monitor TARP and a Huffington Post blogger, appeared on MSNBC's Morning Joe earlier this week to talk about her recent blog post that warns of the death of the American middle class.
"We are at serious risk in America of having 'middle class' no longer synonymous with the old notions of security and solid, but instead meaning living one paycheck to the next, living one bad diagnosis or pink slip away from financial collapse," Warren told MSNBC's Mika Brzezinski.
In her blog post, Warren highlights some disturbing statistics.
One in five Americans is unemployed, underemployed or just plain out of work. One in nine families can't make the minimum payment on their credit cards. One in eight mortgages is in default or foreclosure. One in eight Americans is on food stamps. More than 120,000 families are filing for bankruptcy every month.