There is an article on yahoo finance not too long ago about the American Middle Class shrinking: http://finance.yahoo.com/tech-ticker/the-u.s.-middle-class-is-being-wiped-out-heres-the-stats-to-prove-it-520657.html?tickers=
I am assuming that statistics as such would be hard to make believe, and that even if there were slight statistical margin of errors the numbers would still be staggering.
Stats such as: “As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.” and “The top 1 percent of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.” point to greater income inequality in American at the present more than at times in the past.
Some of proposed that the US income inequality is still much less than some developing countries. But, if that argument should pacify the current income distribution in the US, this trend would continue and the US’s income inequality would soon not be so different from a developing country.
In the meantime, it seems that we are only each doing what we do. Very rich people continue to make money, because that is what they do, and workers living by paychecks continue to do so, until the paychecks run out.
Is there something wrong with this picture? Should any action be taken? Even if the Middle Class in America collapses, the rich can still move their companies overseas, or hire illegal immigrants in the US at a much cheaper wage. The Middle Class is disappearing because these people who were once importance as the ‘source of labor input’ for industrialists are now being replaced.
It is not a matter of whether it is right or wrong, it is that how should the Middle Class, or former Middle Class Americans, band together to prevent themselves from becoming extinct.
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{ 4 comments… read them below or add one }
It’s the rich that’s paying the taxes, supplying jobs, etc.. Actually they would rather not supply the jobs. Every time they hire someone they would have to spend money which they hate to. If they can make one person do two people’s work, they would, or pay them below minimum wages, such as outsourcing then, they would. That’s another reason Middle Class is disappearing, you can’t count on the rich to be fair to them, let alone supporting the Middle Class lifestyle. The rich do not think like the Middle Class and do not care. Only government regulation is to prevent such runaway disparity of haves and have-nots.
Wu,
Things are so simple aren’t they. Take from the rich and give to the poor, very noble, for a thief.
Ford does not exist to give you a job, they exist to make a profit, and cars are the vehicle they have chosen.
In a country without unrestricted flow from poor nations, and a government which takes from Business to pay vast medical and school needs, ect., the market would not be saturated with cheap labor.
The ones who allow this (sue to see it continue) are the ones you want to regulate Ford. The greedy businesses want to pay a fare wage to get the best workers, but government enforced unions have lug nut screwers making $60.00 per hour with obscene benefits. One Ford “actually” a lugnut screwer left over one MILLION dollars from 30 years of that kind of wage and investing in stocks, making him one of the evil rich.
Wu, let’s play a quick game. It’s Halloween at the Obama House.
Kids that walked long miles and started early ring his bell and he sees lots of candy. Having no candy to give out on his own, he takes half of every loaded kids basket and then when someone who just started or didn’t go to the right houses shows up with little, he gives out the loaded kids candy,
Soon word gets out, and the loaded kids hide their candy before going to Obamas door, soon there is no candy for those with little or none.
This is what is happening in the corporate world, put as simply as I can.
For more detail, put simply and with humor vistit:
http://www.OutRageToday.com and scroll down to article entitled:
What More Fed Easing Means For Markets: ‘America On Sale’
Keep Thinking Wu, You have a good heart, now lets work on that brain.
I smell liberal blog plant… don’t forget this is the exact talking points that the DNCC has asked people to post on sites like this…. just saying…
Philly requiring bloggers to pay $300 for a business license
Mark Hemingway
It looks like cash hungry local governments are getting awfully rapacious these days:
Between her blog and infrequent contributions to ehow.com, over the last few years she says she’s made about $50. To [Marilyn] Bess, her website is a hobby.
To the city of Philadelphia, it’s a potential moneymaker, and the city wants its cut.
In May, the city sent Bess a letter demanding that she pay $300, the price of a business privilege license.
OutRageToday, wishes to point out something very important. READ CAREFULLY!
The rich are hiding their money from a government that invents new ways to take it, and takes enough to from the top 10% to cover 80% of our costs to for everything from the military to the millions of us who either don’t want to or can’t carry our own weight.
As they flee the fleecing, the middle class who in good times serves them, obviously is disappearing and falling into lower casts.
With the disappearance of the rich, the jobs they provide, and now the upper portions of the middle class, the government is both dropping services to the truly needy and beginning the rape of everyone one else with an unstoppable need. For every multi-national or truly rich man that flees excessive taxation, hundreds or thousands of us small fry will need to be squeezed.
Prepare for the shearing fellow mids, or at least while we remain mids.