When One Plus One is Less than One, the fundamental postulates and theorems, the relationships that define the entire game, have long since changed in ways that might seem almost completely unbelievable, at first glance. However, when closer inspection, cross examination, and methodical testing each confirm the new relationships, then entirely new methods of operation must immediately begin to take shape as we work together to define a New Normal. We could call this willingness and ability to assess and integrate new information Adaptive Resilience.
So with thanks to @johnrobb by way of @changeist via @urbanverse, 2 minutes and 35 seconds for your consideration:
Or download .SWF if JING playback gives you a hard time.
Elizabeth Warren, "With two people in the workforce, [today's families] actually have fewer dollars left over than their one income parents had a generation ago, to cover EVERYTHING. So what we have today is, TWO PEOPLE working full time, flat out, hard bore and they actually have less money to spend than one person working full time, just one generation ago.
Harry Kreisler, "And the older system, had a built in backup, this system does not because both are already working. This is a very VULNERABLE family that we have today because of an uncertain job market, healthcare, [unexpected or catastrophic] illness, and so on."
Remember the context here, friends. This is from MAY 2007! Long before the MULTIPLE MELTDOWNS of 2008. So families were already on the precipice of existence ALREADY ... *LONG BEFORE* THIS CRISIS STARTED.
Just to clarify, however, let's further remind ourselves that every Econ 101 student knows to ask the fundamental question of economics, "Compared to what?" So, we ask dear reader, what do you suppose is the state of the American family TODAY, as compared to MAY 2007? Better? Worse? The same? We all know the unequivocal answer to that question, and that answer is VASTLY WORSE.
But vastly worse COMPARED TO WHAT? American families are vastly worse compared to Teetering on the Very Precipice of Existence in the years just prior to the meltdowns. That can't possibly be a sustainable situation.
By all means, I encourage you to keep digging for yourself by viewing the full May 2007 Interview with Elizabeth Warren, Leo Gottlieb Professor of Law at Harvard Law School.
