January 6, 2013

Signs the American middle class is over

 A few of 60 facts offered by Michael Snyder in Activist Post

#1 According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.

#2 Federal spending on welfare programs has reached nearly a trillion dollars a year, and that does not even count Social Security or Medicare.  Welfare spending is now 16 times larger than when the "war on poverty" began.

#4 The U.S. economy continues to trade good paying jobs for low paying jobs. 60 percent of the jobs lost during the last recession were mid-wage jobs, but 58 percent of the jobs created since then have been low wage jobs.

#5 The number of Americans living in poverty has increased by more than 15 million since the turn of the century.

#6 The number of Americans on food stamps has grown from 17 million in the year 2000 to more than 47 million today.

#8 According to the Pew Research Center, 61 percent of all American households were "middle class" back in 1971.  Today, that figure has fallen to 51 percent.

#10 One recent survey discovered that 85 percent of all middle class Americans believe that it is harder to maintain a middle class standard of living today than it was 10 years ago.

#12 According to one survey, 77 percent of all Americans are now living paycheck to paycheck at least part of the time.

#15 While debt loads for middle class families are going up, the net worth of those same families is going down.  According to the Federal Reserve, the median net worth of families in the United States declined "from $126,400 in 2007 to $77,300 in 2010".

#16 The percentage of working age Americans with a job has been below 59 percent for 40 months in a row.

#23 Today, approximately 25 million American adults are living with their parents.

#28 Consumer debt in America has risen by a whopping 1700 percent since 1971.

#33 In 1999, 64.1 percent of all Americans were covered by employment-based health insurance.  Today, only 55.1 percent are covered by employment-based health insurance.

#37 According to the Economic Policy Institute, America is losing half a million jobs to China every single year.

#44 According to the Pew Research Center, only 23 percent of all American workers believe that they have enough money to get them through retirement.

#53 Today, 40 percent of all Americans have $500 or less in savings.

believe that 2013 will be a year of "economic difficulty".


Capt. America said...

Now it's time to stop worrying about the middle class and start worrying about the working class. A robot can do your job faster, better, 24/7, and no back talk. Invoking the confidence fairy will not avert rapid change. We need a 30 hour work week, yesterday, with all the changes necessary to make it work. Vonnegut's "Player Piano" is not about the future any more.

Anonymous said...

While I agree with you Capt. America that the US needs a 30 hour work week, we still need to bring jobs back from China.

There are jobs that no machine can do without the involvement of human judgment. China has lots of jobs even though their factories are outfitted with the latest in robotics. Most of what is produced in China is cheap and will break soon after purchase. It's time to bring production home to the US before the price of fuel makes shipping things from overseas cost prohibitive.

Capt. America said...

Jobs "brought back" from China now are being, and will continue to be, taken by robots.