Even when the economy was doing well in the middle of this decade, only 45% of children leaving school without a qualification such as five good GCSEs were employed a year later.
Although the disequilibrium in the balance of payments was still prominent, factors that might help promote an equilibrium in the balance of payments gradually came into play.
By selling these, Banks have brokered insurance contracts to the new holders of risk that in good times produce steady streams of income, but could require huge payouts if markets ever seize up.
During the past generation, the American middle-class family that once could count on hard work and fair play to keep itself financially secure has been transformed by economic risk and new realities.