15 Signs That The Middle Class In The United States Is Being Systematically Destroyed
#1 78 million Americans are participating in the “gig economy” because full-time jobs just don’t pay enough to make ends meet these days.
#2 In 2011, the average home price was 3.56 times the average yearly salary in the United States. But by the time 2017 was finished, the average home price was 4.73 times the average yearly salary in the United States.
#4 In the United States today, 66 percent of all jobs pay less than 20 dollars an hour.
#5 102 million working age Americans do not have a job right now. That number is higher than it was at any point during the last recession.
#6 Earnings for low-skill jobs have stayed very flat for the last 40 years.
#7 Americans have been spending more money than they make for 28 months in a row.
#8 In the United States today, the average young adult with student loan debt has a negative net worth.
#9 At this point, the average American household is nearly $140,000 in debt.
#10 Poverty rates in U.S. suburbs “have increased by 50 percent since 1990”.
#11 Almost 51 million U.S. households “can’t afford basics like rent and food”.
#12 The bottom 40 percent of all U.S. households bring home just 11.4 percent of all income.
#13 According to the Federal Reserve, 4 out of 10 Americans do not have enough money to cover an unexpected $400 expense without borrowing the money or selling something they own.
#14 22 percent of all Americans cannot pay all of their bills in a typical month.
#15 Today, U.S. households are collectively 13.15 trillion dollars in debt. That is a new all-time record.
Welcome To The Third World, Part 28: The “Bottom Half” “Bolsters” The Economy By Going Into Debt
the rich already have all the stuff they need and are now just letting the cash accumulate as it comes in from stock dividends and executive salaries, while everyone else is borrowing to hold onto what they have.
This of course doesn’t work in the long run because interest payments eventually eat whatever raises the working-class borrower gets in even a strong economy. When the inevitable recession hits, the debt remains while income falls, pushing millions of people over the edge.
This happened in 2008 with mortgages and will soon happen with the mini-bubbles of auto, credit card and student loans. At which point the rich will re-deploy all the cash they’ve accumulated to buy up the assets the rest will have to sell at deep discounts.
This kind of “harvesting” sounds more like pre-revolution France than the modern society outlined in economics textbooks. Which means the eventual reaction of the harvested might not fit the relatively docile patterns of the recent past.