Posted on 10/19/2021 5:27:41 PM PDT by RomanSoldier19
If we keep going down this path, soon we won’t have much of a “middle class” at all. When I first started writing about the economy many years ago, I often wrote about the tens of millions of “working poor” Americans that were enduring so many hardships. But at this point most of the nation now falls into the “working poor” category. That isn’t because wages haven’t been going up.
Little by little, wages have been incrementally rising year after year, but meanwhile the cost of living has been absolutely soaring. Paychecks have not even come close to keeping up with inflation, and this has been eviscerating the middle class. Today, the majority of the country is in constant “survival mode” financially, and that isn’t going to change any time soon.
When I was growing up, retailers that catered to the middle class did exceptionally well. My mother was constantly taking me and my siblings to JCPenney and Sears, and it seemed like that was where virtually everyone shopped.
But now such retailers are rapidly going extinct. Today, the retailers that are doing well are those that cater to the very bottom of the economic food chain (Walmart, dollar stores, etc.) or those that cater to the very top of the economic food chain.
(Excerpt) Read more at ourgoldguy.com ...
That will barely keep Pelousy in ice cream.
PERUSE LATER
In Oregon I see help wanted signs at nearly every retailer advertising salaries starting at $15/hour. That is like $62,000 annually for a couple. I have seen articles, which make the point that COVID additions to unemployment keep people from applying.
I guess I think something is missing.
The author has made a calculation -- based on ? -- that the median American income is now some $34,000 compared to sometime in the past because of inflation.
Sorry, its not just the Democrats. Wall Street and the COC loves this outcome.
Try and raise a family on 34/K year, good luck you will need it plus lots of handouts.
The have nots have been growing long before covid. I started seeing the have nots grow in numbers in my business in the mid to late 90’s.
Today you have 35-40% of the population doing really well. The rest are just treading water. Location of course matters.
And people wonder why the country is voting in sociaslism
They maybe offering $15 hr but the stinker is it’s only 15-20 hours per week and no benefits
I used to think that earning $1000 for each year of my age was about right. Now it’s $2000. At 55, I need to make $110K or else I stress about finances.
This is why so many Americans support socialism. Fewer and fewer believe that they can get ahead like their parents did
Yes, good point.
“At 55, I need to make $110K or else I stress about finances.”
Yeppers. Our fixed cost are over $50k per year, prop taxes health/auto./home insurance, utilities.
That 50k does not include entertainment/vacations, gifts, money for hobbies, unforseen expenditures, gas etc.
Why we keep working even though pour cfp said we can retire now we are age 60..
Worried about out living our money. Especially if inflation gets worse or the stock market collapses like 2008/2009
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