So Long, Middle Class

[Mimosa]

We on D.U. discuss the facts about economic change a lot. People need to know these facts in order to counter right wing lies.

http://www.nypost.com/p/news/opinion/opedcolumnists/so_long_middle_class_GoGvE3xMnYXzZpS2OMGZsI

Excerpts:

6. According to Harvard Magazine, 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans.

7. In New York, the top fifth of earners collect more than 53% of the income; the bottom fifth takes home less than 3%.

8. Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32% increase over 2008.

9. Only the top 5% of households have earned enough additional income to match the rise in housing costs since 1975.

10. For the first time in US history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.

11. In 1950, the ratio of the average executive’s paycheck to the average worker’s paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.

12. As of 2007, the bottom 80% of American households held about 7% of the liquid financial assets.

13. The bottom 40% of income earners now collectively own less than 1% of the nation’s wealth.

14. Average Wall Street bonuses for 2009 were up 17% when compared with 2008.

15. The average income of the top fifth of New York families is 8.7 times greater than that of the bottom fifth. This is the biggest difference of all states.

16. The average income of families in the top 5% in New York was five times greater than the average income of families in the middle 20% of earners. Again this is the biggest difference of all states.

17. The average federal worker now earns about twice as much as the average worker in the private sector.

18. An analysis of income tax data by the Congressional Budget Office found that the top 1% of US households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.

19. The average time needed to find a job has risen to a record 35.2 weeks.

20. More than 40% of Americans who are employed now work in often low-paying service jobs.

Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/so_long_middle_class_GoGvE3xMnYXzZpS2OMGZsI#ixzz0vLsOqzsq

[endless october]

1. when GM is the country's largest employer, the average American can afford a new car.

when walmart is the largest employer, the average
American can afford walmart.

[BrklynLiberal]

6. and most of the walmart employees cannot even afford walmart..

Well said endless october

[xchrom]

2. Recommend - I don't understand why this isn't a national emergency.

It's been trending downward for so long it deserves
A serious look at it.

[tularetom]

3. Because it AIN'T an emergency for the people who "count"

Only schmucks like you and me care about it.

[woo me with science]

4. Kicked and recommended. nt

[txlibdem]

5. Also most Americans are now living paycheck to paycheck

According to a 2009 poll, 61% of Americans "always or usually" live paycheck to paycheck, which was up from 49% in 2008 and 43% in 2007.

http://www.nypost.com/p/news/opinion/opedcolumnists/so_long_middle_class_GoGvE3xMnYXzZpS2OMGZsI

I've had enough of the rich getting away with outright murder and robbing us all blind.

How about you?

[BrklynLiberal]

7. I believe these threads share a common concern

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=8858162&mesg_id=8858162
How the Republicon Party destroyed America's Economy - NYT

[bvar22]

8. DLC "Mission Accomplished" !!!

This is a "historic" victory for the DLC Centrist Leadership of the Democratic Party!
With the help of their Economic allies (the Republican Party), they have successfully "reformed" the American Middle Class!
:party: