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steve2470

(37,457 posts)
Wed Aug 22, 2012, 04:54 PM Aug 2012

U.S. middle class set back over last decade-report

http://www.reuters.com/article/2012/08/22/usa-economy-middleclass-idUSL2E8JM4U920120822

WASHINGTON, Aug 22 (Reuters) - The U.S. middle class has shrunk drastically over the last 10 years as Americans' net worth has plunged, wages declined and standards of living slipped away, according to a report released on Wednesday.

Middle-income earners, long seen as the solid center of the country, are pessimistic and place the blame squarely on U.S. lawmakers, banks and big business, the findings by the Pew Research Center showed.

"America's middle class has endured its worst decade in modern history," researchers wrote.

Since 2001, median household income has fallen from $72,956 to $69,487 in 2010, the report said.
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U.S. middle class set back over last decade-report (Original Post) steve2470 Aug 2012 OP
One of those "No Shit Sherlock" moments FreakinDJ Aug 2012 #1
i posted the AP article about this and got 2 replies - not including my own kick. xchrom Aug 2012 #2
I hope so too steve2470 Aug 2012 #4
... xchrom Aug 2012 #5
No wonder fleur-de-lisa Aug 2012 #3
Meanwhile in Canada, where they didn't deregulate banking much, the middle class applegrove Aug 2012 #6
Depends where you live. Joe Shlabotnik Aug 2012 #8
And the net worth of Canadians has surpassed that of Americans for the first time. applegrove Aug 2012 #9
Didn't mean it personally Joe Shlabotnik Aug 2012 #10
I was using Canada's experience as a 'foil' to contrast our experience to that of applegrove Aug 2012 #11
kr HiPointDem Aug 2012 #7

xchrom

(108,903 posts)
2. i posted the AP article about this and got 2 replies - not including my own kick.
Wed Aug 22, 2012, 05:04 PM
Aug 2012

i hope this does a Hell of a lot better.

fleur-de-lisa

(14,628 posts)
3. No wonder
Wed Aug 22, 2012, 05:08 PM
Aug 2012

No wonder the 1% was scared enough to foist Richie Rich on the Repukes as their nominee . . . they hear the frustration from the middle class and they're scared.

Joe Shlabotnik

(5,604 posts)
8. Depends where you live.
Wed Aug 22, 2012, 08:20 PM
Aug 2012

Some of us from industrial areas never recovered after Can-US FTA and NAFTA and loss of unionized jobs. Its been a lost 15-20 years with zero new investment to replace them. And we're sitting on a housing bubble of our own and relying increasingly on a fickle natural resource economy now. No time to be smug.

applegrove

(118,793 posts)
9. And the net worth of Canadians has surpassed that of Americans for the first time.
Wed Aug 22, 2012, 08:25 PM
Aug 2012

I was not being smug. I was pointing out that deregulation of financial markets cost more to Americans than it was worth. Afterall the GOP is trash talking Dodd-Frank.

Joe Shlabotnik

(5,604 posts)
10. Didn't mean it personally
Wed Aug 22, 2012, 08:41 PM
Aug 2012


Just pointing out that sometimes we can be a bit sanctimonious when just under the surface there is a lot of ugly news regarding personal debt, national debt, shallow job market, lack of non-resource extraction based investment.

Harper preemptively bailing out Canada's banks proved that they were in fact too big to fail, and that now we have an additional 160 billion exposure added to the national debt if people start to default.

applegrove

(118,793 posts)
11. I was using Canada's experience as a 'foil' to contrast our experience to that of
Wed Aug 22, 2012, 08:53 PM
Aug 2012

the American middle class one in order to emphasize the grievous wrong not regulating banking and markets can cause. This crisis in the USA was not necessary. It didn't have to happen. How financial markets are regulated is up for grabs in this election. I want Democrats to have all the evidence possible for when they talk to family, friends and neighbours or volunteer at call banks and such in the months to come.

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