Bob Herbert:

What seems to be happening now is that working Americans, and that includes the middle class, have exhausted much of their capacity to tread water. Wives and mothers are already working. Mortgages have been refinanced and tremendous amounts of home equity drained. And families have taken on debt loads — for cars, for college tuition, for medical treatment — that would buckle the knees of the strongest pack animals.

According to Demos, a policy research group in New York, “American families are using credit cards to bridge the gaps created by stagnant wages and higher costs of living.” Americans owe nearly $900 billion on their credit cards.

We’re running out of smoke and mirrors. The fundamental problem, the problem that is destroying the dream, is the extreme inequality pounded into the system by the corporate crowd and its handmaidens in government.

As Mr. Stern said: “To me, the issue in America is not a question of wealth or growth, it’s a question of distribution.”

When such an overwhelming portion of the economic benefits are skewed toward a tiny portion of the population — as has happened in the U.S. over the past few decades — it’s impossible for the society as a whole not to suffer.

Americans work extremely hard and are amazingly productive. But without the clout of a strong union movement, and arrayed against the mighty power of the corporations and the federal government, they don’t receive even a reasonably fair share of the economic benefits from their hard work or productivity.

Instead of celebrating bonuses this Christmas season, too many American workers are looking with dread toward 2008, worried about their rising levels of debt, or whether they will be able to hang on to a job with few or no benefits or how to tell their kids that they won’t be able to help with the cost of college.

It’s not the stuff of which dreams are made.