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Over the past 30 years, a larger and larger portion of America's income growth has gone to those in the top 10% of incomes, and especially those in the top 1%.
This is a major change from the prior 60 years, in which the top 10% and the bottom 90% shared in the income gains.
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Interesting.
What is killing the US economy is government spending too much money. Whatever they spend, it is either through tax or borrow. When they borrow, they have to create inflation to repay the debt. Inflation is something that the middle class know little about and cannot defense on it. Therefore, the middle class is shrinking.
Decrease the size, scope, spending of local, state and federal governments by 25 percent. Our various governments are too big, suck up too much cash in the economy and get in the way of people trying to make a living.
I think the article is spot on. The wealthiest have never done better, and they continue to use their wealth to buy lobbyists and get more. Make perfect sense. The rich have the leverage to get richer. Lather, rinse, repeat.
What I cannot get is why the poorer working class conservatives keep voting to support that fundamentally undemocratic trend. We are heading toward the feudal type system our ancestors risked their lives to escape centuries ago. Amazing.
Last edited by Fiddlehead; 08-23-2012 at 08:04 PM..
Thank Bill Clinton and his signing of NAFTA as well as every other POTUS who has been all too eager to sign unfair trade agreements for sealing the fate of the American Middle Class. While you are at it understand that it has all been by design because global governance cannot be instituted before the Middle Class is both emotionally and economically defeated. Only then can the neo-Marxist take over.
There will be more than a lost decade.....the economic future of the US is at best that which Japan has now but more likely it will go the way of Greece. I hope people are preparing. This won't be some temporary depressionary economic state but long-term, a full decade of economic pain ahead or more.
excellent points, although I think you should also look at the Federal Reserve. Their actions have greatly contributed to the demise of the middle class in the USA.
Are you not able to look at graphic and use common sense as to what factors affect it?
I realize you may be trying to make this thread all about hourly wages when it comes to middle class income and paint those who have seen incomes increase for the 1997-2007 decade as all "rich"; but, that would be less than factual.
I think your view that the 65 and older crowd is somehow more virtuous is mostly bunk. The Reagan Revolution and Clinton's NAFTA,etc. set into motion a series of factors that dramatically favored the early boomers and asset holders far more than the subsequent generations. The wealthy cannibalized the opportunities of the younger people, for their own speculative bubbles, the outsourcing for increased profits,etc. Never in the history of the country have parents created worse conditions for their own children, and chortled away with self-satisfaction about it. I don't doubt that some of the older people have saved and done good things with their money, but those opportunities have been much harder to come by in recent decades, and the housing bubble, in particular, gave the older home owners a tremendous windfall that they did absolutely nothing to earn. People who bought their overpriced homes, in contrast, had their net worth destroyed. Virtue had nothing to do with that.
Would all the resident conservatives agree that if they worked harder, they too would be wealthy and not whiling away the hours with other peons on the City Data forums?
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