Goodbye Middle Class: More Evidence of the Vanishing American Dream
We just got more evidence that the middle class in America is dying. According to brand new numbers that were just released by the Social Security Administration, 51 percent of all workers in the United States make less than $30,000 a year. Let that number sink in for a moment.
Middle Class Bubble is Bursting
The Working/Middle Class has been the subject over the past few articles. In the first article, Why the Middle Class is a Myth we learnt that the working class rose to middle class status due to two significant factors. Steady income and the availability of credit. Consumer capitalism was born. A debt driven economic bubble that got its start in the “Roaring Twenties.”
Today the American Dream is bankrupt and the working/middle class is being decimated. In the article “Why Quantitative Easing is a Bust. What about Higher Wages?” we reviewed the effect of the Feds Quantitative Easing and zero interest policies.
Neither of which are working. Why? The consumer is not consuming. They have no money. to solve the problem you have to get the money into the hands of people.
Let’s look at the harsh reality.
The working/middle class is being squeezed financially. The economic results for the year 2014 as reported by the Social Security Administration are not pretty.
The US federal poverty level for a family of five is $28,410. The SSA Report shows that 40% of all workers earn less than $20,000 each year.
- 51 percent of all American workers made less than $30,000 a year
- 62 percent of all American workers made less than $40,000 a year
- 71 percent of all American workers made less than $50.000 last year.
Is this evidence the American Dream and the Working/Middle Class is doomed? With falling wages and rising debt it may be inevitable.
Enjoy the following article written by Michael Synder and learn more interesting facts about where the middle class may be heading. and help us by joining the conversation with a comment below.
We just got more evidence that the middle class in America is dying. According to brand new numbers that were just released by the Social Security Administration, 51 percent of all workers in the United States make less than $30,000 a year https://viagrafromuk.com/kamagra-oral-jelly-uk/. Let that number sink in for a moment. You can’t support a middle class family in America today on just $2,500 a month – especially after taxes are taken out. And yet more than half of all workers in this country make less than that each month. In order to have a thriving middle class, you have got to have an economy that produces lots of middle class jobs, and that simply is not happening in America today.
Needless to say, a tremendous squeeze has been put on the middle class. In many families, both the husband and the wife are working as hard as they can, but it is still not enough. With each passing day, more Americans are losing their spots in the middle class and this has pushed government dependence to an all-time high. According to the U.S. Census Bureau, 49 percent of all Americans now live in a home that receives money from the government each month.
Sadly, the trends that are destroying the middle class in America just continue to accelerate.
Image courtesy of endoftheamericandream.com