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Conventional wisdom says that the middle class hasn’t caught a break for at least a decade and that incomes have stagnated or declined. But new research corrects a misconception regarding middle-class income, and therefore should come as a pleasant surprise—not just to members of the middle class, but also to pundits, journalists, and of course, politicians.
Speaking to an audience in Racine, Wisconsin, on June 30, 2010, President Obama repeated a winning theme from his 2008 campaign—the theme that the economic policies of the previous administration had failed those of us who consider ourselves middle class:
Nearly a decade of tax breaks for millionaires and billionaires led to little more than sluggish growth [and] a shrinking middle class. Your paychecks flatlined. Wages and incomes did not go up. Even when the economy was growing, it wasn't growing for you.
It was the same message we had been hearing for two years: the benefits of U.S. economic growth after the Bush tax cuts had allegedly been going to the rich and bypassing the middle class. By today, that mantra has become unchallenged conventional wisdom.
Today’s economy makes the problem even worse: the growth rate is somewhere between zero and pathetically anemic. So, even if the middle class did start getting its fair share of growth, that “fair share” wouldn’t amount to much. The rut just seems to get deeper and deeper for the middle class.
That's why the middle class can't afford iphones, plasma tvs, suvs, bigger homes, multiple cars, eating out, going to movies, brand name clothing, jewelry.... oh wait a minute... they can and do... life must be horrible for them, lets go back to the 1960's when taxes were high and they had one car, one television, non-brand name clothing, and all of it in a 1200 sq foot home while still not pay for their kids college education...
That's why the middle class can't afford iphones, plasma tvs, suvs, bigger homes, multiple cars, eating out, going to movies, brand name clothing, jewelry.... oh wait a minute... they can and do... life must be horrible for them, lets go back to the 1960's when taxes were high and they had one car, one television, non-brand name clothing, and all of it in a 1200 sq foot home while still not pay for their kids college education...
The problem is that while they have the latest gadget as soon as a new version comes out they feel they have to buy that too. Why ? Why would someone who has an iPad run out to buy an iPad2 ?
Maybe people feel they will be left behind if they don't stay up with the latest gadgets ?
There are people that are just not happy with "last year's model". Same goes for vehicles.
The problem is that while they have the latest gadget as soon as a new version comes out they feel they have to buy that too. Why ? Why would someone who has an iPad run out to buy an iPad2 ?
Maybe people feel they will be left behind if they don't stay up with the latest gadgets ?
There are people that are just not happy with "last year's model". Same goes for vehicles.
Ya think ? I think they had a term for that in the 60's.
Its "Keeping up with the Jones" I think. just saying..
That's why the middle class can't afford iphones, plasma tvs, suvs, bigger homes, multiple cars, eating out, going to movies, brand name clothing, jewelry.... oh wait a minute... they can and do... life must be horrible for them, lets go back to the 1960's when taxes were high and they had one car, one television, non-brand name clothing, and all of it in a 1200 sq foot home while still not pay for their kids college education...
Much of the poor have some of these items also.
The only difference is the middle class pay for these things themselves. The poor use government redistribution to obtain these things.
Your not "hip" if you don't have the newest Ipad. Heck you can text everybody from the line your waiting in to get it from you new iphone too. Now that's double cool. Then post it on facebook to everybody from an OWS protest and your fonzie!!
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