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Page added on August 18, 2013
The Destruction Of America’s Middle Class (In Under Seven Minutes)
While hardly news to frequent visitors, especially those who recall the following list, anyone who needs a 7 minute refresher into why the US middle class is on collision course with extinction is urged to watch the following brief video which highlights all the salient facts such as:
- 76% of Americans live paycheck to paycheck
- 27% of American have no savings at all
- 46% of Americans have less than $800 in savings
- The conversion of America into a part-time working society and the country’s second largest employer – a temp agency.
- The college trap and the student loan bubble
- And of course, foodstamps, foodstamps, foodstamps and the nearly 50 million poverty-level Americans who need them to survive
Why seven minutes? Because everyone knows that just like you can’t get “six minute abs“, so it is impossible to recap the doom of America’s middle class in only six minutes (or, gasp, less).
13 Comments on "The Destruction Of America’s Middle Class (In Under Seven Minutes)"
actioncjackson on Sun, 18th Aug 2013 6:39 pm
Damn it, my Ad Blocker is acting up again.
DC on Sun, 18th Aug 2013 6:51 pm
With numbers like those-you are not considered ‘middle-class’ at all-you’re poor.
GregT on Sun, 18th Aug 2013 6:58 pm
It may be an ad, but it does point out some very disturbing trends.
The same is happening in Canada. People are accumulating debt faster than ever before in history. They do not have savings for a rainy day, let alone retirement. Government pension plans are insolvent, as are our medical, and educational systems. The percentage of people retiring in the next ten years, cannot be supported by those remaining in the workforce.
Yet one more aspect of the perfect storm that is headed our way. I guess we better start installing those solar panels soon, that should solve everything.
PrestonSturges on Sun, 18th Aug 2013 8:10 pm
It looks like the latest obsession of the GOP is food stamps and getting rid of the, Fox News had a whole hour on food stamps last week and how they are threat to the moral foundations of the country.
rollin on Sun, 18th Aug 2013 8:37 pm
I saw job openings for a lab technician that required a masters degree. I also saw a chemist position that wanted a PHD. With the value of college education in a free-fall except for a few at the top, it is better to find new and creative ways to make money than spend huge amounts of time and money on a semi-worthless degree. Or learn some trades and become a contractor.
GregT on Sun, 18th Aug 2013 8:49 pm
I met a nuclear physicist a couple of weeks back. He was driving a taxi cab.
Plantagenet on Sun, 18th Aug 2013 9:07 pm
Five years of Obama’s foolish economic policies have almost destroyed the US economy. We’ve reached a condition where 1.5% GDP growth, 14% unemployment and underemployment, and the weakest economy recovery ever are considered acceptable.
PrestonSturges on Sun, 18th Aug 2013 9:15 pm
And in the “red states” plunging life expectancy is considered acceptable.
PrestonSturges on Sun, 18th Aug 2013 9:17 pm
Three million manufacturing jobs went to China under Bush and his Sec of Labor whose powerful family got rich trading with China.
She is now married to Mitch McConnell (R-Shanghia)
dave thompson on Sun, 18th Aug 2013 9:26 pm
Face it we are all…….you know what.
PrestonSturges on Sun, 18th Aug 2013 9:53 pm
Boned
bobinget on Sun, 18th Aug 2013 11:19 pm
Sounds like a buy signal to me.
Here’s what we DON’T have;
Egyptian anti-coup protesters marched toward the Supreme Constitutional Court building in Cairo from six locations Sunday in defiance of warnings of a firm response from the security forces. The Egyptian foreign minister, meanwhile, dismissed international concerns over spiraling violence but said he regretted the deaths resulting from a crackdown on supporters of deposed President Mohamed Morsi.
Protesters took to the streets in response to calls by opponents of the interim, military-backed government, including the Muslim Brotherhood, following days of violence in which hundreds have died.
Marchers were attempting to converge on the court complex from areas including Helwan, Giza and Doqqi. However, Al Jazeera’s Sherine Tadros, reporting from outside the central court complex, said that it was surrounded by soldiers, barbed wire and military vehicles.
“People are also gathered, local residents, and they are quite hostile,” she said, adding that she had seen at least one checkpoint to search anyone coming into the area.
Another planned march to Roxi Square was cancelled earlier Sunday due to security fears amid reports that army snipers had been placed on buildings along the planned route.
The Brotherhood had called for new demonstrations after police ended a tense standoff with protesters at Cairo’s Fateh Mosque on Saturday.
BillT on Mon, 19th Aug 2013 12:55 am
Be patient bobinget. The riots are coming. Or so you better hope. If not then you have a worse police state than the Nazis in your future.
It now costs a cool $250,000.00 to get a 4 year degree at the college I attended. That is equal to eight plus years of the after tax income of the average American. Or … 16 years of burger flipping at McDonalds. Quite an investment for nothing.
If you spent that on a house, you would at least have a place to live, a car and probably $50,000 in savings. You could then work at anything you liked for the rest of your life and manage quite well.