Why did the Republican Party Destroy the MIDDLE CLASS?
admin | Sep 14, 2010 | Comments 16
Here are the statistics to prove it:
• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
• 61 percent of Americans “always or usually” live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
• 36 percent of Americans say that they don’t contribute anything to retirement savings.
• A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
• 24 percent of American workers say that they have postponed their intended retirement age in the past year.
• Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent boost over 2008.
• Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
• For the initially time in U.S. description, banks own a greater share of residential housing net worth in the United States than all individual Americans place collectively.
• 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.
• As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.
• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.
• Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
• In the United States, the average federal worker now earns 60% MORE than the average worker in the confidential sector.
• The top 1 percent of U.S. households own nearly twice as much of America’s corporate wealth as they did just 15 years ago.
• In America today, the average time needed to find a job has risen to a record 35.2 weeks.
• More than 40 percent of Americans who really are employed are now working in service jobs, which are often very low paying.
• or the initially time in U.S. description, 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.
• 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.
• Approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.
• Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
• The top 10 percent of Americans now earn around 50 percent of our inhabitant income.
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Filed Under: Bankruptcy
I guess because in your mind you reckon its so. but people with a non partisan brain know why. its inept politicians on both sides
for refusing to bark in Hebrew
they called themselves Neoconservatives
in 2012 it will be Gayer-Conservatives
I live in a midpoint class locality & we are all still here.
Sorry but you are incorrect.
It was Democrat supported socialist government regulations over the decades that did all that.
An example from your list:
“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”
How much government parameter did we have in 1950. And how much more socialist legislation have we had implemented since 1950?
“the initially time in U.S. description, 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.”
Yep. And how many did we have on food stamps decades ago before all these new government regulations and programs that claimed were supposed to aid the poor?
“Approximately 21 percent of all children in the United States are living below the poverty line in 2010 – the highest rate in 20 years.”
Then maybe its time to repeal all those socialistic rules that we place up in the past 20 years.
The midpoint class is thriving.
“Midpoint class people today live like rich people lived in the 1950s,” said Arthur Brooks, president of the American Enterprise Institute. After you adjust for inflation, “from 1950 to 2007, the midpoint class family tree income went from $29,000 to $75,000,” an boost of more than 100 percent. That extra money has brought midpoint class families a higher standard of living.
More than 76 percent of Americans own a computer today, and 85 percent have air conditioning. These are things that most consider provisions, but were much less common even a generation ago. Thirteen million Americans own boats, and 74 percent of those boats belong to households with incomes of less than $100,000.
http://abcnews.go.com/2020/Stossel/tale?id=7055599&page=1
And the Dem’s did nothing to stop it.. Both parties are guilty so make off your high horse and stop inflicting your stupidity on the rest of us.
welcome to the nanny state as instituted by the libs/dems the last 30 years.
btw the article failed to mention that 15% of the top wage earners are also paying 95% of the federal taxes…
You questioned this question about 4 or 5 times last night. Will you ever be satisfied with the truth?
Meanwhile in the real world..
The midpoint class is suffering job losses.. brought on by Democrat policies.
And then, to add insult to injury, Democrats keep raising their taxes.
You lose.. but thankfulness for playing.
If Communism is so Fantastic, there would be a midpoint class in those countries.
WHEN I WAS LIVING DURING THE W BUSH YEARS I LIVED VERY WELL…….I BOUGHT I CONDO FOR $84 THOUSAND AND SOLD IT FOR $ 235 THOUSAND IN 2003…………
I MOVED OUT OF CALIFORNIA AND BOUGHT A HOUSE FOR $ 101 THOUSAND NEXT TO A LAKE………..
IT WAS DURING THE OBAMA YEARS THAT THINGS HAVE GOTTEN HARDER………..
I AM A TEA PARTY PERSON AND BELIEVE IN THE CONSTITUTION………
NOT SOCIALISM………….
I reckon your very initially number is a lie rolled up in more lies. Of that 83 percent I’d bet over half are democrats. And that 1 percent number I suspect is also a lie and really represents retirement funds and the like, which if presented accurately would be a much higher number. So thankfulness anyway but I won’t waste my time on the rest of your spun numbers.
He who dances with bears, has your number. So hard to run bullstuff by a realist, nice try even if,
They are too dumb to admit that it is the midpoint class who made their wealth.
You like statistics?
Since World War Two (65 years)
The White Household has been under the Control of the Democrats 32 years. Close enough of a split that you really can not blame either the Democrat presidents or the Republican Presidents
The Council has been under the Control of the Democrats 37 years. Still close enough of a split that you really can not blame it on either party.
The Household has been under the Control of the Democrats 47 years. Now getting to see a pattern? The Democrats controlled the Household for 72% of the time.
And the real kicker, control of the Household and Council at the same time. Democrats from 1955 to 1981. A total of 26 years. And if you look at the deficit spending and entitlement extension, it was all during those years.
In the 1950s the Democrats allowed women to retire at age 62 with cut-rate benefits.
Widows of deceased workers were allowed to retire at age 62 without reducing benefits
In the 1960s the Democrats allowed men to retire at age 62 with cut-rate benefits
Needy husbands could collect based upon the work of the wife.
In 1965 Medicare and Medicaid was added to the system.
And the Democrats started raiding the Social Security Trust Fund.
In 1972 they raised the payments 20%.
Immigrants, legal or not, who had not paid one dime into the SS system became eligible for benefits at age 65.
In 1972 the Democrats customary a COLA boost. Small did they know under Carter just a few years later the Democrats would principal us to double digit inflation and with the COLA, those on SS saw whopper increases in payments.
And that is just social security. You want to know where the midpoint class is going? It is being taxed to death. SS started with a small 4% tariff, (FICA) with 2% coming from the employer and 2% from the worker. Now it is over 15%. Add that to federal income tariff, property tariff, sales tariff and all the excise taxes and you have a midpoint class that is paying over HALF of their income to taxes.
Now look at the trillion dollar tariff they just hit us with under the guise of “shape care reform.” They passed it but it has not so far kicked in. Maybe they reckon we will not remember who passed it when suddenly our taxes go up 5-10%.
I blame the Democrats because they have been in control the MOST in Washington DC and they are the ones who historically jacked up taxes. For example, check the record of John Kerry, who has never voted against a tariff hike. The Democrats are the right tariff and spend and in detail, they like to spend so much they are the ones who made deficit spending the norm in Washington DC.
And Obama his initially year added another 1.3 TRILLION in deficits. Projections are by the end of his initially term he will have DOUBLED the deficit.
Wow, you gave out a lot of facts, but if I was grading you I’d have to fail you because you failed to link the Republicans to your stats. I reckon if you really looked at the parties you’d find both are equally to blame. It’s also proven that as you add more regulations to an industry the harder it is for that industry to operate and turn a profit, which in turns effects everyone.