Its because we have a centrally planned monetary authority, with unbacked, fiat currency that allows massive debt.
The Federal Reserve’s printed $Trillions automatically first go through the hands of Wall Street and Government. they are the beneficiaries. Progressive government is allowed to grow, with its job-killing mandates and regulations.
meanwhile, average citizens see their wages (which is the monetary product of their labor) purchasing power, and savings stolen through inflation, zero interest rates, asset and prices bubbles (property and education foremost). Thus, they are forced into debt to maintain living standards
the USA will eventually be forced to return to a backed currency, that is out of the control of central planners and politicians. I hope it happens soon.
It’s getting hard on me - I’ve bought lottery ticket for first time in life!
I can’t seem to win. I’m retired on checks. Times hard so I get more out of my Prudential retirement acct only to find that more taxes are taken out. Don’t know how to be efficient so I’m seeing a tax man on Monday to see if there is anyway I can break even.
Have larger families to share the work load at home.
Margaret King, director of the think tank The Center for Cultural Studies & Analysis, however said the debate about the shrinking middle class can be deceptive — since the middle class is not an income or even an income number.
“Although over 90% of Americans identify as middle class, their income positions vary widely, from poverty level to wealthy,†she said.
In fact, respondents to the survey agreed the middle class can have a relatively wide-range of income levels, with about three-quarters agreeing someone with a net worth over $1 million is not middle class and that someone who makes $20,000 per year or less is not middle class.
King said what the middle class grouping actually does is shift the focus from what one makes to what one expects to make in the future — driven by education, social mobility, occupation and general opportunity.
“That's a fluid situation,†she said. “When the economy is tight, earnings can decline, but aspirations remain active. You are still not at the top but not near the bottom, either. That's what ‘middle�€™ means as a position.â€
This is meant to be the take away for readers, See nothing really to worry about. It the ‘bitter clingers’ who are the problem education, social mobility (whatever that means) and picking the right occupation such as an inter-net concierge will make everyone happy and prosperous. This is the mindset of the chattering classes.
In 3 decades following WWII, we built the greatest middle class the world had ever seen. Alas, it became too politically active for our masters to accept.
The problem is.. people WANT to damn much now.
People like to say .... back in the day a man could work a job and make enough to support his wife and kids and a home with a white picket fence.
Um... lets analyse this
Then, a man could work and support his entire family while the wife stayed home with the kids.
Now, both have to work to support the family.
Why is that? oh! that right, the woman working also means:
- you need an extra car “then” family didn’t have.
- you have to buy a woman a work wardrobe “then” family didn’t have
- you have to pay for day care, that “then” family didn’t have to pay for
- more income taxes because the combined salaries put you in higher bracket.
- ect.
The fact is unless the wife has a REALLY good job, when you add up all the numbers, you’d be better off with her staying home (or the dad staying home if he has the lesser job)
that’s point number 1.
BUT, it doesn’t end there.
Think of all the things people HAVE to have today that didn’t even exist then or if they did only the rich had.
Central heat and air, Homes that come with appliances, homes that sit on foundations and not blocks, insulation, double pain windows, more than one bathroom in a home, cell phones, cable tv, color TV, heck multiple TV’s!!, personal computers, high speed internet, automatic transmission, power windows, air bags, ac in your car, unleaded gas, ect
I could go on and on about all the things people now EXPECT someone earning a modest income to be able to afford.
And that’s not even mentioning all the extra they think they should be able to afford: exotic vacations, going out to dinner all the time, professional haircuts, going out to lunch vs bringing one, ect
Yes, $20,000+ a year in healthcare insurance premiums, deductibles and copays will do that.
Next year it will be more.
The middle class has been decimated by The Democrat Welfare State.
In the 50’s and 60’s a Mom could stay home and the Father could support the entire family. Once they started giving away money to welfare programs the government had to raise taxes and Mom had to go to work. Now two working parents, kids run amuck, taxes thru the roof, the middle class are going backwards.