Skip to comments.Middle Class Net Worth Collapses to 1969 Levels
Posted on 12/03/2012 12:58:02 PM PST by lbryce
The angle of a just-released New York University study is, of course, that ole' left-wing canard known as "income inequality," but the findings are still useful in drawing other conclusions, and not ones that are very pleasant. Is America now a bigger version of Chicago, where Democrats and the media have so expertly rigged the electoral game that, even as their policies fai,l they're able to stay in power?
According to the study, we are now back to 1969 levels with respect to median net worth in this country. A large part of this is the housing crisis we've yet to recover from, which cost the middle class 18% of its net worth. The news isn't much better with respect to median incomes, which have dropped to $26,364, setting us all the way back to 1999.
And as middle class incomes declined, the debt-load among the middle class has increased "significantly."
In a nutshell: those of us in the middle class earn less, are worth less, and owe more. Meanwhile, during this same period of time, the wealthy increased their wealth by an unbelievable 71%.
Normally, I don't care about the gap between the rich and the rest of us. I'm not rich, and at the age of 46, it's probably safe to say I'll never be rich; but I didn't care because I begrudge no one their success. But that was before
Before we looted the Treasury and mortgaged the futures of generations to bail out the Too Big To Fails; before we started losing ground while the Bailed Out prospered.
What's especially troubling, though, is that it didn't have to be like this.
(Excerpt) Read more at breitbart.com ...
It seems it's all going according to plan, this is no fluke, there are innumerable citations to validate the President's Machiavellian fingerprints as the architect for having been dropped economically so many pegs to where we were forty years back, everything all going exactly on schedule with ferociously uncanny, accuracy, precision. Obviously, it was all planned out in meticulous detail. **Had to.** There's no other way for this to happen on such a grand scale unless it was deliberate, wanton, diabolical, driven by hate, relentless hate, loathing to a degree that is pathological, who sees an America as anathema to the world, simply because of its overall benevolence, munificence, keeper of the peace,target of baseless unbridled antagonism, animus by those who have not the wherewithal to escape the 7th Century. It's all America's fault. Had there been no Israel, we certainly would be using the sword of Pan-Arabism as plowshare cultivating, fertilizing the Arab Peninsula into a Islamic Ideal for the world. Education, housing, literacy, social justice, tolerance not the internecine genocide, killing, destruction that would be unimaginable otherwise.
Just let's look at The Annual UN Report on the state of the Arab World. Taking oil out of the equation, not that it doesn't belong to them, but merely to determine the intellectual capacity of the population at large, 2 percent literacy, A GNP of over 120 million people LESS than that of Holland, pedophilia, slavery, the worst of social ills, a county marked not by its economic progress, industrial prowess but by the rate in which their economic reversals have slowed.
So you know what that means for the next four years? Well, neither do I....... (Want to contemplate the repercussions of the one who wants to is in the process of this national evisceration.
Under communism, everyone was equally miserable, except the party elite which had everything they wanted and didn’t have to follow the rules they made for the ordinary slobs.
Same here and now in the USA. Government people take care of themselves and look down their noses at ordinary people. They vote themselves inflation-adjusted benefits while everyone else is miserable.
Debt buys politicians, not liberty.
Racism is for the simple-minded and hateful. The problem runs deep.
Half our country is living off the other half. That includes oldsters, military retirees (like my daddy—who earned every penny), corporate leeches, welfare parasites, college students, arms merchants, agricultural combines, etc etc etc.
It stops when the system collapses. And I fear that point is closer than we think. Race has nothing to do with it, except in the fantasies of some people.
Next year, 1930’s level.
It’s called “Socialism”.
Karl Marx HATED the middle class. He came up with ways to get RID of the middle class.
Trying to use his ideas to help the middle class is like trying to use Hitler’s ideas to help the Jews.
How long is it going to take for middle classers to figure this out?
Obama represents the epitome'--the acceleration--of every stupid thing any of his predecessors have done. The man is absolutely at war with the American Middle Class, despite his protestations. And the ultimate insult is when he announces that it is his policy to rebuild the middle-class.
By the very nature of a middle-class society, the middle-class arises by reason of the private efforts of personally responsible, self-motivated individuals; those building from the ground up. All a meddlesome Government can do is get in the way. Our greatest real growth was from 1789 to 1913, before we had redistributive tax policies, and our Government was basically limited to the framers' intent. (See America--Grounded On Experience & Reason.)
One of the most outrageous lies of the far Left is that the Nazis were on the Right. They were never to the Right of anyone but the actual Communists. But the lie has kept a great many people ideologically confused since World War II.
Incidentally, Obama's penchant for packing huge crowds, chanting in unison, into stadiums, in 2008, is a technique best perfected by the Nazis. It gives an aura of invincible force to those being mesmerized in attendance; invincible force in the pursuit of a monolithic society. People who believe that the demagogue is confused, need to look more closely at his tactics, Executive Orders, etc., etc..
Total wages as a share of GDP, which has fallen to a new low. However, corporate profits are at record highs after taxes!
“...I begrudge no one their success. But that was before
Before we looted the Treasury and mortgaged the futures of generations to bail out the Too Big To Fails...”
A few years ago I did a job on a large property on expensive waterfront. Tearing down a 20-year old 5,000 sq. ft. home to put in a house 4 times as big. Neat place and enjoyed working there. Until I found out the new owner was some big-shot from a failed bank, that was just hired by another investment firm that had gotten a bunch of TARP funds. Then deals were made between two other banks to arrange for financing as part of the move, with the downpayment paid by his new firm.
The guy ended up with a $900 a month mortgage. With MY (and my kids and grandkids) tax money.
Actually, 1% of our country is living off the other 99%.
The guy ended up with a $900 a month mortgage. With MY (and my kids and grandkids) tax money.
Obviously that guy worked a lot harder than you, your kids and your grandkids. Only a red-card carrying communist would think otherwise.
Stop being a taker 21twelve!!!
What happened to the other 16.3%?
/That’s a joke for you credible types.
Bourgeoisie (Eng.: /bʊərʒwɑːˈziː/; French pronunciation: [buʁʒwazi]) is a word from the French language, used in the fields of political economy, political philosophy, sociology, and history, which originally denoted the wealthy stratum of the middle class that originated during the latter part of the Middle Ages (AD 5001500)
In Marxist philosophy, the term bourgeoisie denotes the social class who owns the means of production, and whose societal concerns are the value of property and the preservation of capital, in order to ensure the perdurance of their economic supremacy in society. In contemporary social theory the term bourgeoisie denotes the ruling class of capitalist societies.
Free course management software for homeschoolers and educators. Beta testers wanted, Free.
So you got your tax money back and then some.
“Bourgeoisie” (like most of the words in the Communist Manifesto) has no definition. It means whatever the Communist you happen to be talking too at the time says it means.
Loosely “Bourgeoisie” is defined by Marx as the “middle class” (but not really).
Have you noticed that a lot of most ardent supporters of Communism could be considered “Bourgeoisie”? College professors, middle level actors, Union workers, etc.
The fact that “Bourgeoisie” has no definition lets these people deny that they are hypocrites.
I suppose a good little Communist would argue that all the people I mentioned own no means of production.
I would respond by reminding them that the Communist Manifesto calls for the abolition of ALL private property (but not really Marx and Engels would keep their stuff)....
Have you noticed that a lot of most ardent supporters of Communism could be considered Bourgeoisie? College professors, middle level actors, Union workers, etc.Chow for paragraph eater.
Yes, and they will be first against the wall when the revolution proceeds. It won't be enough though...
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