22 Stats That Prove Middle Class Being Systematically Wiped Out Of Existence

[Ryan in Maine]

22 Stats That Prove Middle Class Being Systematically Wiped Out Of Existence

1). 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
2). 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
3). 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans.
4). 36 percent of Americans say that they don't contribute anything to retirement savings.
5). A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
6). 24% of American workers say that they have postponed their planned retirement age in the past year.
7). Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
8). Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
9. 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.
10). 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.
11). As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
12). The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
13). Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
14). In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.
15). The top 1% of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.
16). In America today, the average time needed to find a job has risen to a record 35.2 weeks.
17). More than 40% of Americans who actually are employed are now working in service jobs, which are often very low paying.
18). For the first time in U.S. history, 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.
19). This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
20). Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
21). Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.
22). The top 10% of Americans now earn around 50% of our national income.

Some of this was new to me. How are we going to get out of this when the gov makes it harder to start and run a business here?

When was the last time a president consistently helped the country financially during their term? Yeesh.

[Jim147]

There is some interesting information in that list.

I wonder how many retirees had to go back to work as opposed to the ones that just did for something to do?

And remember, we don't have inflation. Things just cost more.

jim

[RevDisk]

Rather depressing starts.  And the wonderful part?  Capital gain taxes are going up to 20%, dividends are going up to 39.6%.  Ah, but wait!   "Health care reform" is going to slap a 3.8% tax on all investments as well, including dividends.  So if I get a dividend check, up to 43.4% will be going to government.  Mind you, this is after the corporation paid up to 39% on said profits. 

Let's suppose my share of a company's profit is $100 and they happen to fall in the worst tax brackets.  The government's share of the corporate profit is $39.  Leaving $61 to me as a dividend check.  Of which, I pay $26.47 to the government, leaving me with $34.53.

Government's share?   $65.47

 

Yea, worst case effective tax on dividends will be roughly 65.5% next year.   Somehow, I don't think companies will be cutting too many dividend checks for any respectable amount.  Easier to make your money by artificially short-term inflating the stock price.   You only get hit with a 20% tax rate.

Which is insanely stupid.  It is virtually guaranteed to cause stock bubbles, which they allegedly wish to prevent. 

Somehow, I think I blew past "middle class" and into "rich evil capitalist scum" without noticing.  Except for the reality that anywhere except my tax return, I'm not even remotely rich. 

[Viking]

Somehow, I think I blew past "middle class" and into "rich evil capitalist scum" without noticing.  Except for the reality that anywhere except my tax return, I'm not even remotely rich. 

With my current pay check, I would end up as a "high income earner" if the leftists take power this fall. Funny, I don't feel very rich either...

[wmenorr67]

14). In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.

Unless you are in the military.

[Hutch]

While I agree with the sentiments posted here, much of the information in the quote by the OP is purest hysteria.  Example, you ask?  Here, says I:

5). A staggering 43 percent of Americans have less than $10,000 saved up for retirement.

Hmmmm.... Reckon what percentage of Americans have yet to enter the workforce?

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

Hmmmm.... reckon what the author's defiinition of "liquid financial assets" is?  Checking account balance?  Currency in the sock drawer?

The point being, much of the information in the quote is as useful as the old "43 times as likely to kill a family member" bullpoop that anti-gunners throw at us.  The truth is that we are over taxed, over regulated, and Big Business and Big Guvment are wayyyyyy too cozy.  Can't claim it as an original thought, but somebody smarter than me observed "When buying and selling are controlled by the legislature, the first thing that will be bought are the legislators."  We have an anti-capitalist mindset in an appalling number of citizens.  These critters are recently motivated to exercise their voting franchise.  This seems to have triggered what is devoutly to be hoped as a Great Awakening among those of us who have previously not bothered to become politically engaged.  Whether the pendulum swings back far enough and soon enough to avoid an economic/financial/monetary calamity remains to be seen.

[Nick1911]

Somehow, I think I blew past "middle class" and into "rich evil capitalist scum" without noticing.  Except for the reality that anywhere except my tax return, I'm not even remotely rich. 

It seems that "rich evil capitalist scum" has been redefined to mean anyone who doesn't immediately spend all of their paycheck on stupid consumerist crap at walmart.

[Ben]

It seems that "rich evil capitalist scum" has been redefined to mean anyone who doesn't immediately spend all of their paycheck on stupid consumerist crap at walmart.

That's kinda what I was getting out of that too. It would be interesting to see the raw demographics from that study to compare to some of the results. Certain things, like bankruptcy filings, are obviously a matter of public record. Other stats, like "living paycheck to paycheck" don't really tell me anything.

I work with people who live in two income $150K plus per year households that live paycheck to paycheck because they like to blow their money and show off. I live at around 15% of my current means because I'll do things like pay cash for a utilitarian new car that I keep for ten years instead of taking a loan out on a $100K Mercedes.

[280plus]

No $100K Mercedes? Loser! 

 

[Monkeyleg]

Let's see if all of the points make sense.

1). 83 percent of all U.S. stocks are in the hands of 1 percent of the people.

The middle class is a relative newcomer to the "investor class," and so is not as likely to have as much money tied up in stocks. Also, a small percentage of the population owns a disproportionate share of the wealth. That's not a judgmental statement, it's just the way it is.

2). 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
We've been in one of the worst recessions in US history, and it's gotten worse since 2008.

3). 66% of the income growth between 2001 and 2007 went to the top 1% of all Americans.

I'd like to see how they define "income growth."

4). 36 percent of Americans say that they don't contribute anything to retirement savings.

See #2. Also see "personal responsibility".

5). A staggering 43 percent of Americans have less than $10,000 saved up for retirement.

See #4.

6). 24% of American workers say that they have postponed their planned retirement age in the past year.

See #2.

7). Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.

See #2.

8. Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.

See "real estate bubble". Also see Barney Frank.

9. 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.

See #8>

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

See #1.

12). The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.

See #1.

14). In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.

See Barack Obama.

16). In America today, the average time needed to find a job has risen to a record 35.2 weeks.

See #2.

17). More than 40% of Americans who actually are employed are now working in service jobs, which are often very low paying.

See #2.

18). For the first time in U.S. history, 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.

See #2. Also see "entitlement mentality".

19). This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.

Let's threaten to nuke China and Cambodia unless they make all their workers members of the UAW.

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

That's a Good Thing^TM

21). Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.

How much of that percentage is due to the fact that higher income families have lower birth rates?

[Ben]

No $100K Mercedes? Loser! 

 

 

People should be free to buy (or take a loan out) on a Mercedes, Lotus, Ferrari, Gulfstream, or whatever they want, and be able to enjoy the purchase. But if they end up living paycheck to paycheck because of it, I just don't want to hear them whine about it -- especially when there are people living paycheck to paycheck because they're doing something like going back to school and making sacrifices to better themselves.

[280plus]

I actually saw a Lotus on the road Friday. 

[P5 Guy]

All this is because of them dang Unions

[mtnbkr]

I actually saw a Lotus on the road Friday. 

They're common enough here in NoVa that I see them several times a year.  Then again, I see a Ferrari every few months as well. 

Chris

[280plus]

I'm thinking it's the first one I've ever seen.  If it isn't it's definitely been a while.

[Ryan in Maine]

Let's see if all of the points make sense.

That'd make a great letter to the editor.

[Balog]

Some of them are vague or unsupported by facts. Some are personal responsibility issues (fed.gov isn't forcing anyone to not save for retirement).

That's kinda what I was getting out of that too. It would be interesting to see the raw demographics from that study to compare to some of the results. Certain things, like bankruptcy filings, are obviously a matter of public record. Other stats, like "living paycheck to paycheck" don't really tell me anything.

I work with people who live in two income $150K plus per year households that live paycheck to paycheck because they like to blow their money and show off. I live at around 15% of my current means because I'll do things like pay cash for a utilitarian new car that I keep for ten years instead of taking a loan out on a $100K Mercedes.

Ayup. You listen to Dave Ramsey on the radio and you'll hear plenty of people who make $200k a year and are $400k in debt.   My wife and I put ~%16 of our income into retirement, and save a good deal for practical issues that come up. We could cut down on our expenses in some areas but others (specialized diet because of her medical issues for example) are just above average.

[CNYCacher]

I actually saw a Lotus on the road Friday. 

I had a friendly race against a lotus in 2004.  When we got to 130 and he was still pulling on me, I gave up.

[Declaration Day]

I actually saw a Lotus on the road Friday. 

If it was an Elise (My dream car), those can be had new for about $47,000, and in great shape used in the $20-$25K range.

[White Horseradish]

It seems that "rich evil capitalist scum" has been redefined to mean anyone who doesn't immediately spend all of their paycheck on stupid consumerist crap at walmart.

Is it OK if I spend my entire paycheck on guns and ammo?