On The Progressing Extinction Of The US Middle Class
Beneath the positive headlines Bloomberg's Joe Brusuelas notes that there is evidence that a good portion of consumers continue to face a difficult adjustment to the $125 billion tax hike in January and the 15 percent increase in gasoline prices during the past four months. Spending among the upper quintile of income earners is masking weakness elsewhere but it is jobs headlines that are really hiding the dismal reality in America. As the following chart shows, confirming our earlier discussion, the middle-class income-earner is becoming an endangered species (with no 'conservation group' willing to stand up for them) as the government holds the lowest income earners' hand and Bernanke the highest.
Charts: Bloomberg
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FUCK Y.....oh hehe.
Banana republics have got nothing on Obozo's corrupt regime.
Expand that graph, say 40yrs? Could this be a long term trend??
They really need to be called the Productive Class, as opposed to the Skimming and Leaching Classes.
I love how every comments section starts here:
Comment 1: I have read the title and have a short response! First!
Comment 2: In response to Comment 1, I would like to talk about something unrelated!
Comment 3: In response to your two comments, I would like to veer slightly toward the topic at hand. I am more knowledgable because I have read the title and half of the article, and need to demonstrate that quickly to be near the top!
and so on...
There are ground rules for this kind of thing, after all.
hack is public, so why avoid its usage?
Wow! CNBC does a segment today regarding the GIGANTIC shadow inventory of foreclosed homes the banks are currently sitting on, and about to release. But, but, but....I thought we just experienced the bottom? "Not exactly" says some dickwad from Realtytrac. He continues: "Actually, this new release of homes should raise inventory levels up TWO YEARS!!!!"
WHAT?? Two years of housing inventory?? "That might actually affect the value of homes, builders are developing today....(SILENCE)..."Uh, yeah it probably will" says the Realtytrac exec. Fawkin Hilarious!!!!
Fraud Street is sitting on many. Throttling them to the sheeple at the right price and hedgies for a cheap price.
I know a lady who hasn't made a mortgage payment since 2009
4 FUCKING YEARS
Still living in the house, the "pass-through certificates" plaintiff that started (but never progressed) the foreclosure lawsuit has been making all the property tax payments since then and she is prepared to move IF/WHEN the house ever actually goes up for sale.
And this is in the 'burbs, not some redlined ghetto shit. When these properties hit the market, forgetaboutit.
About 14 months ago the NYT (or maybe the WSJ) reports there were over 109 months supply of houses. That sounds right from what I see "on the ground" and esp considering builders are still going crazy depsite the massive oversupply.
....but DingleBarry says he is fighting for the middleclass...
If we could just manage to somehow elect a republican president then everything will be all better! /sarcasm off.
Get rich. You'll be poor if you don't. There will be no in-between.
Just like Sweden, Mexico, Russia etc. 99% poor, 1% ultra wealthy with nothing in the middle.
Pawnman,
Why group in Sweden with Mexico and Russia? Sure, you can hate Sweden's policies (anti liberty and all that) but income distribution has been much less unequal than the USA for a long, long time.
"Why group in Sweden with Mexico and Russia?"
Would have a tough time finding 3 more disparate countries.
Just pick a bunch of countries which have had 'democracy' brought to them c/o the USA and you'll see this inequality best illustrated.
Sweden is an example of Sweden. It's like a sect. Self referent. Hermetic. Wrapped up in the faith. And above all life sucking. I'm referring of course to non Muslim parts of demographic deathbed Sweden.
What is Sweden doing in your list? There are so much better examples, Russia is good one.
But then again, there will be war, so list of poor countries will change after looting of neighbours.
The countries I mentioned all have the same problem of a prominent, entrenched upper class and a long drop off from there. Albeit they took different routes to get to the same destination. Sweden has a very low key, but powerful ruling class. They don't show up on TV like Warren Buffet does here. I purposely picked such diverse examples to prove the point that it's happening worldwide.
socialism is the best remedy against rising new money class.
take away the incentive.
why sweden?
how do i do that if I'm not Jewish?
The Yids can always use an ignorant Mick front man, like Joe Biden, or you could become a traitor like John Roberts.
Have you heard of shicksas?
I had a longer list, but I would need a barf bag.
kind of like the real mob in america has always been Jewish but the Jews really promoted the fact that the dagoes were the ones to go after
another holocaust film about how jews are the only victims in the history of human kind and masses won't think about them.
This is the REAL "Great Rotation" going on right now. Back to the way things have been in most societies for most of history: Small number of rich, large number of poor and just enough middle class to service the rich.
Yes, this is actually happening. You are not having a nightmare or drug-induced hallucination (well, maybe you are but it's still really happening).
Questions?
Yes I have a question: When is Honey Boo Boo coming back on TV?
Well we are a little warped here in the USA by the post wwII experience and the whole westering thing followed by a series of technological transformations. To paraphrase a starship captain from Iowa, we don't believe in the zero sum game. Republican voters don't in any case. The 47% situation going forward hands the big chair on the bridge over to the zero sum crowd.
I believe he actually said that he didn't believe in a no-win situation. Obviously, he was not alive in 2013, having not been born yet, or he'd believe in it.
Most of recorded history, yes. Most of human history, no, no, no.
Not that I disagree, but how would you know what it was like before recorded history? Just curious.
in prehistoric times there were two main classes: dumb and dumber
jobs headlines that are really hiding the dismal reality in America.
This is standard policy with fascist governments. You are surprised?
Being middle class is so overrated.
/sarc
I thought for a second that I was middle class, but then I learned that a single mom on welfare with a minimum wage job and 2 kids makes as much as I do. In other words, I'm as poor as a welfare mom. #Losing
Between the refundable child tax credits and the refundable earned income tax credit that single mom with a minimum wage job and 2 kids can not only pay no taxes, but reap a tax "refund" over well over $8,000 if she hits the 'sweet' spot and easily $5,000 if she doesn't.
Almost half of her total "earned" income for the year can come from her tax "refund".
Preferably a "flexible" reporting job, like waitress, barmaid, or maybe she could service the crack-head/bath salts American community. That has some actual growth.
Being middle class is so over-rated especially when the middle class are just wage/tax/debt slaves.
even millionare CEOs are just wage slaves who wasted majority of their waking lives to climbing the corporate ladder.
the real ruling class are born capitalists.
middle class = working class
low class = can't even get a job to work class
Jeremiah wright preached the evils of middleclassness to the Obamas for twenty years of Sundays, then the democrats hearded theses affirmative action anti American fucks onstage and Into to the white house. Because they sound so reasonable when explaining the dismantlement of the Republic and rule of law.
"Jeremiah wright preached the evils of middleclassness to the Obamas for twenty years of Sundays"
So that works out to about 5 times, for the Obamas.
Interesting chart. The other interesting thing is wage suppression of menial jobs. Plumbing is one notable exception, but most trades have been decimated by the pincer forces of helicopter parents who buy into the every-child-a-college-diploma bullshit and unrestrained immigration.
Don't forget to jump on the Gerber Life College Plan bandwagon.
Don't wait until your brat is 20 years old to save for college.
plumbers are holding up well also eclectricans mechanics etc. but mostly because for every 3 retiring, only one new guy is showing up. gas is killing our bottom line
The poor don't have shit. The rich run the show. Compression in the middle is all that remains as the system cannabalizes itself.
The Great Depression was the greatest transfer of wealth from the middle class to the financial elite.
What's going on today (The Greatest Depression) makes what went on then look like child's play.
+1
The Wall St Banksters are the biggest crooks to ever walk the Earth.
To be fair the swelling of the US middle class after WW2 was the wonder of the world - never have so many become so rich, and so fast
And they're wealthier now than then by a long shot. Better stuff, more stuff, and experiences unknown to e kings of old, but also to the wealthy of a mere 100 years ago. Our poor are rich.