The Feb. 9 business column by Nelson D. Schwartz “The middle class is eroding – just ask the business world” confirmed what I’ve always believed – just how much this economy depends on the middle class.
Businesses have been built on targeting middle class consumers who have just enough disposable income to purchase moderately priced clothing or occasionally splurge on a meal at a restaurant like Olive Garden or Red Lobster.
But now that the workers’ wallets are being stretched thin in a stagnant economy, those luxuries have gone away. And who else suffers besides workers? Businesses who cater to the middle class.
It’s time we stop giving tax breaks to ultra-wealthy residents and corporations. Trickle-down economics doesn’t work. It only allows those with money to buy more high-end products, while sales increase at dollar stores across the country and North Carolina.
Pay a living wage, and the economy may flourish as it once did by creating larger markets of consumers who can afford to splurge on a meal every once in a while or shop at stores for clothing instead of thrift shops. It’s plain and simple: What’s good for workers is good for business.