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In reply to the discussion: They once inhabited a vast swath of North America but their numbers have been greatly reduced [View all]jtuck004
(15,882 posts)29. Once Middle Class, Millions Are Joining the Ranks of 'Disposable' Americans
Income, savings and life expectancy are in decline for broad swathes of society.
Income among the middle class is plummeting
...
According to Pew Research, in 1970 $3 of every $10 in income went to upper-income households. Now $5 of every $10 goes to them. The Social Security Administration reports that over half of Americans make less than $30,000 per year. That's less than an appropriate average living wage of $16.87 per hour, as calculated by Alliance for a Just Society.
...
A new study finds nearly a 15-year difference in life expectancy between 40-year-old men among the richest 1 percent and the poorest 1 percent. The gap is 10 years for women. Much of the disparity has arisen in just the past 15 years.
...
In fact, it could be even more than half. The Wall Street Journal recently reported on a JP Morgan study's conclusion that "the bottom 80% of households by income lack sufficient savings to cover the type of volatility observed in income and spending." Fewer than one in three 25- to 34-year-olds live in their own homes, a 20 percent drop in just the past 15 years.
Renters are faring even worse. The number of families spending more than half their incomes on rentthe 'severely' cost-burdened rentershas increased by a stunning 50 percent in just ten years. Billionaire Steve Schwarzman, whose company Blackstone has been buying up tens of thousands of homes at rock-bottom prices and then renting them out at exorbitant rates while waiting out the housing market, recently said he finds the growing anger among voters "astonishing."
...
http://www.alternet.org/economy/once-middle-class-millions-are-joining-ranks-disposable-americans
The hurting economy still exists. Perhaps the most telling sign that the U.S. isn't back to normal is the 44.7 million Americans on food stamps. Joe is one of them, something else he never envisioned in his life.
Before the financial crisis there were only 26.3 million people on food stamps"
http://money.cnn.com/2016/04/26/news/economy/middle-class-to-homeless/index.html?sr=cnnmoneybin043016middle-class-to-homeless0900vodtop
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Well, perhaps they can eat the pap that people are trying to feed them about how great things are.
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They once inhabited a vast swath of North America but their numbers have been greatly reduced [View all]
Fumesucker
Jun 2016
OP
It's not just the labels. The 50% who are "middle class" are more squeezed than before
Bucky
Jun 2016
#35
"the largest losses in the middle class since 1970 are due to people becoming wealthy"
Phlem
Jun 2016
#48
I started with the simple statement that the number of people in the middle class has been growing
bhikkhu
Jun 2016
#93
There is no doubt that the number of people in lower income households has been rising
bhikkhu
Jun 2016
#92
Too little too late. Look at my last post. And your links just prove my point.
passiveporcupine
Jun 2016
#89
So according to you, if 95% of 2,000 purple eyed people die at age 2 years old
angstlessk
Jun 2016
#13
I would say its good that we have added 30 million or so to the middle class since 1970
bhikkhu
Jun 2016
#16
demographic changes...vietnam is now a labor competitor? THAT demographic change?
angstlessk
Jun 2016
#15
Yet almost everyone misses that 75% more people moved into the upper class than fell into the lower
whatthehey
Jun 2016
#47
Again, of course all segments of society will grow as the population grows.
passiveporcupine
Jun 2016
#84
For sure. Already posted in Good Reads but for whatever reason not much traffic.
appalachiablue
Jun 2016
#39
Ah it makes perfect sense now. So if 50% of Americans, about 160 million, are middle class
A Simple Game
Jun 2016
#36
this says the middle class is shrinking but you've been stating the middle class is growing
passiveporcupine
Jun 2016
#83
Glad to see you understand the middle class shrunk due to the wealthy stealing from the working
Rex
Jun 2016
#56