Are you a casualty of the class war?

Dobbs: Are you a casualty of the class war?
By Lou Dobbs
CNN
Editor's note: Lou Dobbs' commentary appears every Wednesday on CNN.com

NEW YORK (CNN) -- The Dow Jones Industrial Average has hit an all-time high and Wall Street firms are posting some of their best earnings ever. For the first time in our nation's history, the Forbes list of the 400 wealthiest Americans includes only billionaires. In fact, having only a billion dollars means you're not on the list. As a group, the Forbes 400 has a collective net worth of $1.25 trillion.

So the rich are doing well. But how about the middle class? More Americans than ever are living in poverty, living without health care, paying more for housing and for the costs of our public education. And real wages are falling.

Real median earnings of full-time working males fell nearly 2 percent last year, according to the Census Bureau, while the real wages of working women fell by 1.3 percent. Despite that, real median household income did manage to rise slightly last year, though that small gain was the first increase in household income since 1999.

So what has been keeping our middle class afloat in the face of rapidly rising costs? American families have been living on, as well as in, their homes. More than one-third of homeowners are spending more than 30 percent of their income on the cost of housing, a level that pushes the edge of affordability. Nationwide median home values from 2000-2005 jumped 32 percent, and homeowners have been pulling equity out of their houses in order to keep up with escalating tuition bills, health care costs and energy costs.

But not everyone is so lucky. The number of Americans without health coverage rose by 1.3 million last year, up to 46.6 million, according to the Census Bureau. What's worse, more than one in 10 American children are now uninsured. Fewer employers than ever are providing health care to their employees and those who are still lucky enough to receive employer-provided coverage are paying a much larger share: The Kaiser family foundation says the cost of family health insurance, in fact, is up 87 percent since 2000.

http://www.cnn.com/2006/US/10/03/Dobbs.Oct4/index.html?section=cnn_topstories