Paul Krugman

People, including many "middle class" people, thought they were getting "richer" this decade, but now they have come to the painful conclusion it was all an illusion.

They got "richer" only because they took on tons of debt and their "assets," including their homes, were wildly overinflated.

It's going to be a long, hard climb out of the quicksand we've landed into.

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