COLLAPSE of the MIDDLE CLASS - U.S. Middle Class Declining & No Longer A Majority
Once upon a time, middle class households took home 62 percent of all income in America. Bernie Sanders says it is in the midst of “a 40-year decline.” Jeb Bush says it is “shrinking.” Ted Cruz says it is “headed in the wrong direction.” And Hillary Clinton says the “basic bargain” that hard work could move families into the middle class “has eroded.” #2 According to the Pew Research Center, the median income of middle class households declined by 4 percent from 2000 to 2014. #5 There are still 900,000 fewer middle class jobs in America than there were when the last recession began, but our population has gotten significantly larger since that time. #7 For the poorest 20 percent of all Americans, median household wealth declined from negative 905 dollars in 2000 to negative 6,029 dollars in 2011.
t was the best of times, it was the worst of times all over again.
“Since 2000, 95 percent of new households in King County have been either rich or poor. A mere 5 percent could be considered middle income.” Being self-employed (i.e. owning your own small business that does not require employees) is an integral part of the American Dream. Many start out dreaming of a corner office in Corporate America, but as they move up the ladder, many become disillusioned by the process and the goal: do I really want to spend my life making big-shots even wealthier?
This raises an interesting question: how many self-employed people in the U.S. actually earn a middle class income? Since all the government statistics have a line at $50,000, and $50,000 might support a minimal middle class lifestyle in areas with a low cost of living, let’s use $50,000 in annual income as our minimum. Only self-employed taxpayers get to deduct half of their healthcare insurance premiums. You have to earn a fair sum to actually afford the sky-high costs of health insurance. We pay $15,300 per year for stripped-down healthcare coverage, which is more than the annual earnings of the bottom 35 million workers in the nation.
Bill Gates announced today that by 2035 there will be almost no poor countries left in the world. More than one-in-five (21 percent) of U.S. Millennial parents is impoverished, with rates of poverty among young Americans expected to expand rapidly as this demographic faces declining wages, vast student debt and an increasing number becoming parents in the coming years. It isn’t easy to earn enough to afford a middle class life via self-employment.Including the professional class, perhaps 3% of the workforce is truly independent.
The Republicans believe that the suffering of poor Americans is not helping the rich enough. Paul Ryan and Mitt Romney are committed to abolishing every program that addresses needs of what Republicans deride as “useless eaters.”
Now, Zero Hedge published a report seconding that with data showing that even that low figure has been fudged, and the that the real rate of homeownership is even lower than previously thought! Middle-class Americans also suffer from intrusions on their liberty and privacy, such as not being able to board an airplane unless they submit to invasive and humiliating searches. Even children and the physically disabled are not safe from the Transposition Security Administration. These assaults are justified by the threat of terrorism, a direct result of our interventionist foreign policy that fosters hatred and resentment of Americans. "middle class" u.s. usa america "united states" money class poverty wealth wealthy assets household house family global dollar usd defined world "minimum wage" humanity salary spending india china debt loan payday "payday loan" "credit card" social society "working class" uk british england "united states" study mortgage childcare average 2015 2016 expenses economy gold silver "savings account" bank "bank account" "elite nwo agenda" coast to coast am demcad jsnip4 rawdogletard montagraph gerald celente david icke lindsey williams louis farrakhan anonymous riots collapse prepper american dream entrepreneur As I write this, the dollar still reigns as the world’s reserve currency. However, there are signs that other economies are moving away from using the dollar as the reserve currency, and this trend will accelerate as the Federal Reserve continues to pump more fiat currency into the economy and as resentment toward our foreign policy grows. Eventually, international investors will lose confidence in the US economy, the dollar will lose its reserve currency status, and the dollar bubble will burst.
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Posted by Nicole Bourbaki