Interesting facts about the Middle Class in the US under Stress
Two recessions, a couple of market crashes, and stubbornly high unemployment are all wreaking havoc on America's middle class....The middle class is shrinking, which threatens the social composition and stability of the world's biggest economy.
Here are just some of the sobering facts:
-- There are 8.5 million people receiving unemployment insurance and over 40 million receiving food stamps.
-- At the current pace of job creation, the economy won't return to full employment until 2018.
-- Middle-income jobs are disappearing from the economy. The share of middle-income jobs in the United States has fallen from 52% in 1980 to 42% in 2010.
-- Middle-income jobs have been replaced by low-income jobs, which now make up 41% of total employment.
-- 17 million Americans with college degrees are doing jobs that require less than the skill levels associated with a bachelor's degree.
-- Over the past year, nominal wages grew only 1.7% while all consumer prices, including food and energy, increased by 2.7%.
-- Wages and salaries have fallen from 60% of personal income in 1980 to 51% in 2010. Government transfers have risen from 11.7% of personal income in 1980 to 18.4% in 2010, a post-war high.
More people are being pushed into lower standards of living as homes are being foreclosed upon and people remain out of work.
The worst part of all of this is the dependency on government that is being created, as well as the expectation that government should somehow pay for food, clothing, education and housing. In the meantime, everything that government is doing - printing more money, and spending more on entitlement programs, creates even more of a tax burden for people and the businesses that employ them. And as an added bonus, as businesses are taxed and regulated more, they will continue sending jobs overseas, further fanning the flames of unemployment here at home.
Destroying the middle class is not a good thing for this country.