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Goodbye Middle Class: 50 Percent of All U.S. Workers Made $34,612.04 or Less Last Year
https://ourgoldguy.com ^ | October 18, 2021 | by Michael Snyder

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 ...


TOPICS: News/Current Events
KEYWORDS: disaster; homeless; theend
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To: RomanSoldier19

That will barely keep Pelousy in ice cream.


21 posted on 10/19/2021 6:37:37 PM PDT by Huskrrrr (Alinsky, you magnificent Bastard, I read your book!)
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To: Huskrrrr

PERUSE LATER


22 posted on 10/19/2021 6:39:01 PM PDT by NetAddicted ( Just looking)
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To: RomanSoldier19; ProfessorGoldiloxx
Missing here and usually never reported currently is the roll of government transfer payments.

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.

23 posted on 10/19/2021 6:45:45 PM PDT by Retain Mike ( Sat Cong)
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To: RomanSoldier19
Apparently, no one on this thread even bothered to read the summary -- let alone the actual article.

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.

24 posted on 10/19/2021 6:49:38 PM PDT by BfloGuy ( Even the opponents of Socialism are dominated by socialist ideas.)
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To: BfloGuy

25 posted on 10/19/2021 6:54:06 PM PDT by RomanSoldier19 (Game over, man! Game over! ; : rem ad triarios redisse is)
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To: ProfessorGoldiloxx

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.


26 posted on 10/19/2021 7:00:25 PM PDT by crusher2013
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To: ProfessorGoldiloxx

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


27 posted on 10/19/2021 7:25:40 PM PDT by setter
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To: Retain Mike

They maybe offering $15 hr but the stinker is it’s only 15-20 hours per week and no benefits


28 posted on 10/19/2021 7:27:31 PM PDT by setter
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To: Ruy Dias de Bivar

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.


29 posted on 10/19/2021 8:10:00 PM PDT by Two Kids' Dad (((( When tyranny becomes law, resistance becomes duty. ))))
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To: RomanSoldier19

This is why so many Americans support socialism. Fewer and fewer believe that they can get ahead like their parents did


30 posted on 10/19/2021 8:34:51 PM PDT by Blood of Tyrants (When elections fail, we will either live under tyranny or rebel and throw it off.)
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To: setter

Yes, good point.


31 posted on 10/20/2021 11:37:29 AM PDT by Retain Mike ( Sat Cong)
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To: Two Kids' Dad

“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


32 posted on 10/20/2021 11:44:10 AM PDT by setter
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