Jay

Superfluous Americans

It's Complicated

Employment

Working at a law firm that handles major corporate restructurings and chapter 11 bankruptcies, I've had a fairly secure position from which to witness this economic recovery. The stimulus stopped the bleeding, and the recovery is in full swing.

The problem is that much of the country is not included in the recovery. We constructed an economy that excludes certain portions of the population. From decaying inner cities to never-developed portions of Appalachia, millions of Americans are literally unemployable. After the recession, millions more workers are now superfluous.

This recession, triggered by Wall Street recklessness, has exposed the effects of decades of neglect. Entire industries have cratered. Our infrastructure is collapsing. Schools are not preparing students for a 21st century economy. College leaves millions saddled with debt. “Middle class,” which once meant a life of economic security, now means living in a constant state of anxiety.

Don’t blame President Obama, or even George Bush (though he didn’t help). This crisis is 50 years in the making. But investors should be pleased; corporations are raking in record profits. The United States adopted corporate values as its own, and now the economy is doing just fine without many of us.

Manhattan, NYC