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The middle class is doomed because Capitalism views the wide distribution of of income and more precisely wealth as being too inefficient!! Capitalism is based on the accumlation and efficient use of Capital and a wide distribution of capital (i.e. wealth) means there are more players in the game increased complexity and increased competion. Reducing the number of playes makes it easier to get a concensus and make decisions, it puts an end to destructive and unecessary competition and it cuts consumption so capital can be stashed away and its stockpile can grow. For Americas truly wealthy and represents about 30,000 Americans (who control about 25 % of US wealth) and that is now defined as someone having more than 100 million dollars in wealth, more than 40 % of their wealth is saved in places that expose them to as little risk as possible, this money is not invested in business ventures which might lead to business losses. Such money is effectively taken out of the Amerrican and global economy! What money is invested more than half of that is invested beyond the frontiers of the USA. Any money given to this class of people i.e. another tax cut over 2/3/ it will have no effect on stimulating the US economy or creating any business venture in the USA which may or may not create a single net American job. In fact a tax cut fior Americas high net worth individuals will create more net jobs for people living outside of the USA than in the USA. Tax cuts for the rich are a complete waste of public money and a waste of time.
The middle class is doomed because Capitalism views the wide distribution of of income and more precisely wealth as being too inefficient!! Capitalism is based on the accumlation and efficient use of Capital and a wide distribution of capital (i.e. wealth) means there are more players in the game increased complexity and increased competion. Reducing the number of playes makes it easier to get a concensus and make decisions, it puts an end to destructive and unecessary competition and it cuts consumption so capital can be stashed away and its stockpile can grow. For Americas truly wealthy and represents about 30,000 Americans (who control about 25 % of US wealth) and that is now defined as someone having more than 100 million dollars in wealth, more than 40 % of their wealth is saved in places that expose them to as little risk as possible, this money is not invested in business ventures which might lead to business losses. Such money is effectively taken out of the Amerrican and global economy! What money is invested more than half of that is invested beyond the frontiers of the USA. Any money given to this class of people i.e. another tax cut over 2/3/ it will have no effect on stimulating the US economy or creating any business venture in the USA which may or may not create a single net American job. In fact a tax cut fior Americas high net worth individuals will create more net jobs for people living outside of the USA than in the USA. Tax cuts for the rich are a complete waste of public money and a waste of time.
Your various governments take $.59 of every $1.00 you earn.
That's where your spending got eroded.
And that's up from $.54 from last year and you didn't even know it did you ?
Your various levels of government are bleeding you dry.
The "middle class" as it was once known, is already dead.
The middle class once consisted of the majority of working America who could afford to purchase a home and a new car every 2 years on a single income from a run of the mill trade based job. They paid minimal taxes and carried minimal debt. They were easily able to afford health insurance and family vacations, not to mention college for their kids and secure retirement.
It is so curious that double-entry accounting is 700 years old but our educators and economists have not suggested that it be mandatory in our schools for the last 50 years.
The Roman Empire never practiced planned obsolescence though. Our economists are technological morons.
I do not think the middle class will ever disappear ... but it appears we are moving back to being the USA of 1870. One half 1% of super-duper rich living in palaces owning jets and yachts with many servants and owning more the 60% of all the country's wealth. There will another 1 - 1 1/2% of just plain rich folks. The 10-15% of "middle class" folks will be the successful professionals with businesses on the side like doctors and accountants and landlords. The rest will be struggling "working class" families: two income families living from paycheck to paycheck barely eaking out a living and residing in substandard housing while their children get a very substandard education.
The "middle class" as it was once known, is already dead.
The middle class once consisted of the majority of working America who could afford to purchase a home and a new car every 2 years on a single income from a run of the mill trade based job. They paid minimal taxes and carried minimal debt. They were easily able to afford health insurance and family vacations, not to mention college for their kids and secure retirement.
What world did you live in? We were middle class. We lived in a 1400 sq. ft house, 1 TV, 1 phone, both parents worked. Both cars were at least 8 years old. No secure retirement and no big vacations. We got student loans for my education to a state school. Driving to a national monument once a year was the big trip.
What used to be rich is now considered middle class. People now have very high expectations and expenditures for what is labeled a middle class life.
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