Slow Death of the American Middle Class

Very sobering article about the impact of the global recession on the American middle classes. The stats are downright frightening:

•    Approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.
•    61 percent of Americans “always or usually” live paycheck to paycheck,
which was up from 49 percent in 2008 and 43 percent in 2007.
•    36 percent of Americans say that they don’t contribute anything to retirement savings.
•    43 percent of Americans have less than $10,000 saved up for retirement.
•    Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
•    For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
•    The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
•    The average time needed to find a job has risen to a record 35.2 weeks.
•    More than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
•    Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
•    The top 10 percent of Americans now earn around 50 percent of our national income.

If these stats emerged from an African country, we’d hear nothing about poverty and starving kids.


2 responses

  1. * Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.

    The divide between the rich and the poor is growing because Americans are spending more money at places like WalMart, McDonalds, Burger King, etc. and ignoring the small business sector. Why? It’s simple: The big corporations can offer the lowest prices and, in turn, the poorest citizens need to buy at the lowest price.

    Thanks for the statistics! Visit my blog if you’re interested in hearing my ideas.

  2. Economic recessions have a way of hitting the middle and lower income classes hardest. Those higher up on the income scale will always have enough “spare” to ride it out.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: