Earlier this year, the Center for an Urban Future published an extensive report about the mounting challenges New York City faces in both retaining its middle class and elevating more low income residents into the ranks of the middle class. read more »
A new report released today by the Organization for Economic Co-operation and Development (OECD) says that income inequality between the rich and poor has grown in three quarters of OECD nations over the past twenty years. The report, "Growing Unequal?", states that the gap between the rich and middle class in the United States has also grown.
It may be home to Google, Cisco, Oracle and the other gleaming companies of the New Economy, but times are tough for the Silicon Valley's working class.
"Working people in Silicon Valley are walking an economic tightrope, and any unexpected medical bill or even a car breakdown can push them over the edge."
What happens to a community like this when the working class can no longer afford to live there?