U.S. middle class no longer the wealthiest in the world
By David Leonhardt and Kevin Quealy, New York Times
The American middle class, long the most affluent in the world, has lost that distinction.
While the wealthiest Americans are outpacing many of their global peers, a New York Times analysis shows that across the lower- and middle-income tiers, citizens of other advanced countries have received considerably larger raises over the last three decades.
After-tax middle-class incomes in Canada — substantially behind in 2000 — now appear to be higher than in the United States. The poor in much of Europe earn more than poor Americans.
The numbers, based on surveys conducted over the past 35 years, offer some of the most detailed publicly available comparisons for different income groups in different countries over time. They suggest that most American families are paying a steep price for high and rising income inequality.
998 days until NoBama and a new Congress. Let’s hope the next generation of leaders get it right.
It has very little to do with Obama and his Administration. The problem is quite mixed. The lower taxes on the very rich; the special perks to those who are rich, voted for by Congress; miss-use of welfare as a whole; poor education for the masses; a Treasury and Federal Reserve who will do anything to prop up Wall Street and the Big Banks…..and numerous things I have not mentioned. Both Democrats and Republicans say many things, and almost none say the truth, nor vote for long term helping of the middle and lower classes by removing the special perks for rich individuals and for large corporations. It would take a very long piece here for me to get into all of it. Changing the Administration is not going to have much effect, if any. The Rich and ultra rich are at the very top, 1% and less, and have the influence to get what they want.
Bob, like I said, a new generation of leaders. I hope for a better president AND a better Congress. No incumbents in 2016! Throw the bums out.
Bob, it has everything to do with Obama. The Obama regime has been in power for the past five plus years. We have all struggled as a nation as a result of the regime’s horrific policies and lack of leadership. The Obama regime has had more than ample time to right the economic ship. Obama and his fellow liberals have made matters worse.
Nope, not much to do with Obama. The situation started quite a few decades ago. Obama is convenient to blame, but he has had little effect. Of course, he hasn’t gone after the problem either, and neither did any President most of us can remember. A good start would be to pass a law that would get an OK by the Supreme Court, and it would be to remove the status of Corporations as people (broadly speaking). Passing laws that revert the banking industry to the much older and restrictive regulations will also help a lot. A flat tax might well eliminate a lot of problems.
ONE SMALL STORY : I used to work at a small business where the workers wages were kept low, (of course) to enable greater profits. This is common everywhere. I decided that we workers should share wage information. I knew this would provide us workers more bargaining strength when negotiating for pay increases. When I encouraged my coworkers to tell what they earned, they refused, out of fear of what the bosses would do. This fear enabled the bosses to maintain the wages at a lower level. Their fear was foolish. Each of them could have found work elsewhere, and earned the same or done better. I was attempting to organize, without any union. But, I wasn’t stopped by the bosses, I was stopped by the workers.
The greatest negotiating strength I ever possessed was my ability to walk off the job at a moments notice. In order to walk, or threaten to walk, a person must first have their finances in order. If the middle class had more bargaining strength, the situation wouldn’t be this bad.
I tend to lean to the right but have experienced abuses by both sides. I swear I will never work for a large corporation again.
Twelve years ago when the consolidation and off shoring in the title and escrow business was in full swing the abuses were unreal.
I remember having to drive to Reno to whitness the golden one show off his new Harley (received as a bonus) to all the employees after he had gutted the company. He is so self centered he didn’t understand why no one has impressed. The SOB went out of his way to reduce the hours of a woman with cancer to a point she didn’t qualify for insurance.
The remaining employees pitched in to pay for her cobra.
Record corporate profits and the death of the middle class-and American Dream…the Reagan Legacy-many of his policies remain the gop platform-and are not even harmful enough for the teabag crowd
Oh shocking, the Obama haters show up. President Obama stopped the major blood and dollar loses of the Iraq War. Plus, the Afghan War is winding down. Both of these Wars were sold to the American People at a cost of about $100 Billion and are on a pace of costing over $2 Trillion. That is $2 Trillion we will never get to use on American ports, roads, bridges, airport hubs, waterways, education, research and development. Puff, shock and awe gone!
In case you haven’t noticed, unemployment is down to 7%, housing is come back, failed mortgages are way down, no GI’s are dying in Iraq on an daily basis, the stock markets in America are at record levels, auto sales have gone way up, Bin Laden and Gadaffi are dead, over 90% of Syria’s chemical weapons are gone.
The point is, even FDR did not do better in his first 5 years in office to fix the gross negligence of the previous Administration.
I’m stayin’ away from this one because I’ll wind up telling Gus and Bitter how absolutely clueless I think their opinions are.
Only I won’t be so nice about it.