Some of what I've been saying

for awhile:

The USA and the world is in the early stages of a major transition and it wouldn't be pretty when half want to continue the old wasteful ways (like subsidizing the idle rich, crazy defense spending, etc.). But Ezra Klein's in the WaPo elaborates on some of the problems:

(i) No hope of recovery in the housing market. Which means many
people currently underwater on their homes will remain underwater.
It also means that – any happy talk to the contrary notwithstanding
(and I’ve seen some surfacing, here and there) – we can’t expect a
revitalized housing market to pull us out of this mess;

(ii) We will never, ever, get back to what we used to consider “full
employment.” A fairly large and permanent number of unemployed
Americans may be the new normal; and

(iii) We cannot expect to see any post-recession economic boom. The
best we can hope for is a steady growth rate that will still be lower
than what we used to consider “normal” in the past. Our future
“best” will be worse than our past “normal.”

The rich vs. the rest of us is the fight the 1% fear most. So why have we been so unwilling to fight this fight?

Three reasons:

1. Democratic unwillingness to offend potential major donors
2. The emergence of the Tea Party which focused much of the anti-establishment anger on government itself (rather than on those who actually caused the financial crisis)
3. An effective counter strategy which claims any attempt to make the rich pay their fair share is "class warfare"