Skip to comments.Reports: US Middle-Class Wealth Shrinking
Posted on 08/04/2014 11:06:25 AM PDT by Citizen Zed
Overall, U.S. household net worth climbed to a record high of $82 trillion in the first quarter, but things aren't going so great for the middle class.
Jordan Weissmann of Slate cites two studies that illustrate this fact.
One comes from the Russel Sage Foundation and shows that median household net worth dropped about 20 percent from 1984 to 2013, when the figure totaled $56,335.
The second report, from New York University economist Edward Wolff, shows that by 2010, median household net worth had dropped to its lowest level since at least 1969. Net worth plunged 47 percent between 2007 and 2010 alone, he states.
Those four years included the housing bust and the 2008-09 stock crash, which hammered many Americans. The huge rise in household debt in recent years also put a crimp in household net worth.
Consumer credit outstanding rose to $3.2 trillion in May from $2.6 trillion in 2009.
Household net worth now exceeds its 2007, pre-recession peak of $68.9 trillion by $12.9 trillion.
(Excerpt) Read more at moneynews.com ...
It’s called “socialism”.
Karl Marx HATED the middle class. He HATED them.
The Communist Manifesto is a recipe for getting RID of the middle class.
You can’t use Marx’s ideas - ANY of Marx’s ideas to help the middle class.
And yet, the middle class keeps voting for it.
So what do you want me to say?
All going to plan. More of the fundamental transformation of America.
And that same, shrinking middle class will vote in Elizabeth Warren in 2016.
We’re being robbed by the IRS and a president who keeps on giving out freebies to everyone but his productive citizens. Invite more illegal immigrants. Yeah sure they’ll pay tax dollars...sure.
They should work harder.
“Its called socialism.”
“You cant use Marxs ideas - ANY of Marxs ideas to help the middle class.”
Agreed. Definitively. Marx, IMHO, was an angry a**wipe who wanted to stick it to the system. To me, he is like every other person who feels they are very special, and think they have been wronged because people don’t recognize how special they are (Hitler fits this description). I’ve had conversations with British socialists who are on the higher side of the pecking order, and they support those paths to wealth that are what they called ‘a lottery’, like being a sports star or an entertainment star. They did not support those paths to wealth that are open to larger swaths of the population, like working hard to get an education (e.g. going to medical school) and working your way up the ladder. It’s an incredibly elitist world view, and is the antithesis of what they think they stand for.
No need to save when you can always rely on Social Security.
Do these numbers in the studies take into account of the shrinking dollar value (what with Fed full speed printing money and all)?
My grocery bills jumped quite a bit, and I don’t have wagyu steak every meal.
Many people I know in the “middle class” don’t net as much income as the blood sucking welfare scum.
Time’s a commin’.
This could have been written/published any day for at least the past 30-35 years & still be relevant.
Immigrant wealth is going to skyrocket with Obama throwing out wads of cash
Marx opens the Communist Manifesto with a rant about the evils of the middle class and how he wants to get rid of them.
He then goes on to list some of the ways they’re going to stick it to the middle class.
Some of his ideas include:
Focusing on “roads and bridges”
Next you hear a Democrat speak, see how long it takes for them to mention the above.
It won’t take long.
And go talk to your middle class friends. I bet at least half will tell you the ideas above are good ones.
“And go talk to your middle class friends. I bet at least half will tell you the ideas above are good ones.”
Of course. That’s one of the secrets of being a successful communist insurgent. Sounding ‘reasonable’. Who could argue against some kind of regulation of banks, to make sure they don’t take advantage of people? Who isn’t for “paying your fair share, so that we can maintain our great nation and help all to prosper?” Who would argue against the need for roads and bridges? That’s why, IMHO, it is absolutely essential that we be able to paint the Marxists as the outliers and the unreasonable - because they are.
Increased cost of fuel, food, and insurance have to be the top 3 reasons. If they aren’t, someone is smoking crack!
I personally lost money, 2 and 3 years ago even while getting a raise! This past year is the first time in 3 years I was able to actually say I am able to bring home more money.