We hear all the time about a constantly shrinking middle class in the US. We recently found an article that lists 25 indications that the middle class is indeed losing mass. Check them out and let us know what you think!
If America wants to be great again, it is going to need a thriving middle class. But right now the federal government and the big corporations are gobbling up all of the power and all of the money and the middle class is shrinking rapidly.
If current trends continue, eventually there will not be much of a middle class left.
The following are 25 signs that middle class families have been targeted for extinction….
#1 Over the past several decades, millions upon millions of middle class Americans have been systematically turned into government dependents. Back in 1960, social welfare benefits made up approximately 10 percent of all salaries and wages. In the year 2000, social welfare benefits made up approximately 21 percent of all salaries and wages. Today, social welfare benefits make up approximately 35 percent of all salaries and wages.
#2 Unemployment is at epidemic levels and the vast majority of the new jobs that have been “created” in recent years have been low paying jobs. Of those Americans that do have a job at this point, one out of every four works a job that pays $10 an hour or less.
#3 The “working poor” is a group that is rapidly growing in this country. If you can believe it, the United States actually has a higher percentage of workers doing low wage work than any other major industrialized nation does.
#4 Over the past several decades, the percentage of low income jobs has steadily increased. Back in 1980, less than 30% of all jobs in the United States were low income jobs. Today, more than 40% of all jobs in the United States are low income jobs.
#5 The way that our economic system is structured today, almost all of the economic rewards go to the very top of the food chain. The following is how income gains in the United States were distributed during 2010….
-37 percent of all income gains went to the top 0.01 percent of all income earners
-56 percent of all income gains went to the rest of the top 1 percent
-7 percent of all income gains went to the bottom 99 percent
#6 Several decades ago, there was a much more even distribution of income in this country. Back in the 1970s, the top 1 percent of all income earners brought in about 8 percent of all income. Today, they bring in about 21 percent of all income.
#7 As the middle class shrinks, the number of “low income” and “poor” Americans is rapidly rising. Today, approximately 48 percent of all Americans are currently either considered to be “low income” or are living in poverty.
#8 Manufacturing jobs once enabled huge numbers of Americans to enjoy a middle class lifestyle. Unfortunately, those jobs are leaving this country at a breathtaking pace. Back in 1940, 23.4% of all American workers had manufacturing jobs. Today, only 10.4% of all American workers have manufacturing jobs.
#9 In the old days, any man that was willing to work hard and wanted a job could get one. Today, there are millions of American men sitting on their couches at home wondering why nobody will hire them. Back in 1950, more than 80 percent of all men in the United States had jobs. Today, less than 65 percentof all men in the United States have jobs.
#10 The middle class is shrinking at the same time that America is getting poorer as a nation. In the middle of the last century, the United States was #1 in the world in GDP per capita. Today, the United States is #13 in GDP per capita.
#11 Every year now, we see millions of Americans fall out of the middle class. In 2010, 2.6 million more Americans descended into poverty. That was thelargest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.
#12 The shrinking middle class is having a disproportionate impact on children. At this point, approximately 22 percent of all American children are living in poverty.
#13 In the old days, most Americans grew up in middle class neighborhoods. Sadly, this is no longer true. In 1970, 65 percent of all Americans lived in “middle class neighborhoods”. By 2007, only 44 percent of all Americans lived in “middle class neighborhoods”.
#14 The concentration of wealth at the very top of the food chain is astounding. Right now, over 50 percent of all stocks and bonds are owned by just 1 percentof the U.S. population.
#15 When you concentrate too much power in the hands of the federal government and the big corporations, it is inevitable that massive amounts of wealth will become concentrated in just a few hands. In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.
#16 There is nothing wrong with making money, but there is something wrong with a game where individuals and small businesses cannot compete fairly. According to Forbes, the 400 wealthiest Americans now have more wealth than the bottom 150 million Americans combined.
#17 When the number of poor people rapidly expands in a society, that is a recipe for social unrest. At this point, the poorest 50 percent of all Americans collectively own just 2.5% of all the wealth in the United States.
#18 The hidden tax of inflation is absolutely devastating middle class families all over America. Since 1970, the U.S. dollar has lost more than 83 percent of its value. Any dollars that middle class families try to save are constantly losing a little bit more value every single day.
#19 American workers that try to play by the rules find that they are constantly fighting a losing battle. According to one study, between 1969 and 2009 the median wages earned by American men between the ages of 30 and 50 droppedby 27 percent after you account for inflation.
#20 In recent years, many middle class families have seen their paychecks get smaller. Median household income in the United States has fallen 7.8 percentsince December 2007 after adjusting for inflation.
#21 In recent years, many middle class families have seen many of their basic expenses absolutely soar. For example, health insurance costs have risen by 23 percent since Barack Obama became president.
#22 Just turning on the lights and heating their homes has become a major burden for many middle class families. Electricity bills in the United States have risen faster than the overall rate of inflation for five years in a row.
#23 Just putting gas in the car has become a major financial ordeal for millions of hard working Americans. The average price of a gallon of gasoline in the United States has increased by more than 100 percent since Barack Obama became president.
#24 Sadly, government dependence is now at an all-time high, and that is the way that many among the elite like it. When Barack Obama took office, there were 32 million Americans on food stamps. Now, there are more than 46 million Americans on food stamps. In particular, an astounding number of children are on food stamps right now. At this point, approximately one-fourthof all American children are enrolled in the food stamp program.
#25 Many middle class families will not be in the middle class for too much longer. According to a shocking new study from the National Bureau of Economic Research, 200,000 U.S. households will use the money from their tax refunds this year “to pay for bankruptcy filing and legal fees“. Read More