The Beginning Of The End
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28 Signs That The Middle Class Is Heading Toward Extinction

Dilapidated House In IndianaThe death of the middle class in America has become so painfully obvious that now even the New York Times is doing stories about it.  Millions of middle class jobs have disappeared, incomes are steadily decreasing, the rate of homeownership has declined for eight years in a row and U.S. consumers have accumulated record-setting levels of debt.  Being independent is at the heart of what it means to be "middle class", and unfortunately the percentage of Americans that are able to take care of themselves without government assistance continues to decline.  In fact, the percentage of Americans that are receiving government assistance is now at an all-time record high.  This is not a good thing.  Sadly, the number of people on food stamps has increased by nearly 50 percent while Barack Obama has been in the White House, and at this point nearly half the entire country gets money from the government each month.  Anyone that tries to tell you that the middle class is going to be "okay" simply has no idea what they are talking about.  The following are 28 signs that the middle class is heading toward extinction...

#1 You don't have to ask major U.S. corporations if the middle class is dying.  This fact is showing up plain as day in their sales numbers.  The following is from a recent New York Times article entitled "The Middle Class Is Steadily Eroding. Just Ask the Business World"...

In Manhattan, the upscale clothing retailer Barneys will replace the bankrupt discounter Loehmann’s, whose Chelsea store closes in a few weeks. Across the country, Olive Garden and Red Lobster restaurants are struggling, while fine-dining chains like Capital Grille are thriving. And at General Electric, the increase in demand for high-end dishwashers and refrigerators dwarfs sales growth of mass-market models.

As politicians and pundits in Washington continue to spar over whether economic inequality is in fact deepening, in corporate America there really is no debate at all. The post-recession reality is that the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls even further away.

#2 Some of the largest retailers in the United States that once thrived by serving the middle class are now steadily dying.  Sears and J.C. Penney are both on the verge of bankruptcy, and now we have learned that Radio Shack may be shutting down another 500 stores this year.

#3 Real disposable income in the United States just experienced the largest year over year drop that we have seen since 1974.

#4 Median household income in the United States has fallen for five years in a row.

#5 The rate of homeownership in the United States has fallen for eight years in a row.

#6 In 2008, 53 percent of all Americans considered themselves to be "middle class".  In 2014, only 44 percent of all Americans consider themselves to be "middle class".

#7 In 2008, 25 percent of all Americans in the 18 to 29-year-old age bracket considered themselves to be "lower class".  In 2014, an astounding 49 percent of them do.

#8 Incredibly, 56 percent of all Americans now have "subprime credit".

#9 Total consumer credit has risen by a whopping 22 percent over the past three years.

#10 The average credit card debt in the United States is $15,279.

#11 The average student loan debt in the United States is $32,250.

#12 The average mortgage debt in the United States is $149,925.

#13 Overall, U.S. consumers are $11,360,000,000,000 in debt.

#14 The U.S. national debt is currently sitting at $17,263,040,455,036.20, and it is being reported that is has grown by $6.666 trillion during the Obama years so far.  Most of the burden of servicing that debt is going to fall on the middle class (if the middle class is able to survive that long).

#15 According to the Congressional Budget Office, interest payments on the national debt will nearly quadruple over the next ten years.

#16 Back in 1999, 64.1 percent of all Americans were covered by employment-based health insurance.  Today, only 54.9 percent of all Americans are covered by employment-based health insurance.

#17 More Americans than ever find themselves forced to turn to the government for help with health care.  At this point, 82.4 million Americans live in a home where at least one person is enrolled in the Medicaid program.

#18 There are 46.5 million Americans that are living in poverty, and the poverty rate in America has been at 15 percent or above for 3 consecutive years.  That is the first time that has happened since 1965.

#19 While Barack Obama has been in the White House, the number of Americans on food stamps has gone from 32 million to 47 million.

#20 While Barack Obama has been in the White House, the percentage of working age Americans that are actually working has declined from 60.6 percent to 58.6 percent.

#21 While Barack Obama has been in the White House, the average duration of unemployment in the United States has risen from 19.8 weeks to 37.1 weeks.

#22 Middle-wage jobs accounted for 60 percent of the jobs lost during the last recession, but they have accounted for only 22 percent of the jobs created since then.

#23 It is hard to believe, but an astounding 53 percent of all American workers make less than $30,000 a year in wages.

#24 Approximately one out of every four part-time workers in America is living below the poverty line.

#25 According to the most recent numbers from the U.S. Census Bureau, an all-time record 49.2 percent of all Americans are receiving benefits from at least one government program each month.

#26 The U.S. government has spent an astounding 3.7 trillion dollars on welfare programs over the past five years.

#27 Only 35 percent of all Americans say that they are better off financially than they were a year ago.

#28 Only 19 percent of all Americans believe that the job market is better than it was a year ago.

As if the middle class didn't have enough to deal with, now here comes Obamacare.

As I have written about previously, Obamacare is going to mean higher taxes and much higher health insurance premiums for middle class Americans.

Not only that, but millions of hard working Americans are going to end up losing their jobs or having their hours cut back thanks to Obamacare.  For example, a fry cook named Darnell Summers recently told Barack Obama directly that he and his fellow workers "were broken down to part time to avoid paying health insurance"...

And the Congressional Budget Office now says that Obamacare could result in the loss of 2.3 million full-time jobs by 2021.

Several million people will reduce their hours on the job or leave the workforce entirely because of incentives built into President Barack Obama’s health care overhaul, the Congressional Budget Office said Tuesday.

That would mean job losses equal to 2.3 million full-time jobs by 2021, in large part because people would opt to keep their income low to stay eligible for federal health care subsidies or Medicaid, the agency said. It had estimated previously that the law would lead to 800,000 fewer jobs by that year.

But even if we got rid of Obamacare tomorrow that would not solve the problems of the middle class.

The middle class has been shrinking for a very long time, and something dramatic desperately needs to be done.

The numbers that I shared above simply cannot convey the level of suffering that is going on out there on the streets of America today.  That is why I also like to share personal stories when I can.  Below, I have posted an excerpt from an open letter to Barack Obama that a woman with a Master's degree and 30 years of work experience recently submitted to the Huffington Post.  What this formerly middle class lady is having to endure because of this horrible economy is absolutely tragic...

Dear Mr. President,

I write to you today because I have nowhere else to turn. I lost my full time job in September 2012. I have only been able to find part-time employment -- 16 hours each week at $12 per hour -- but I don't work that every week. For the month of December, my net pay was $365. My husband and I now live in an RV at a campground because of my job loss. Our monthly rent is $455 and that doesn't include utilities. We were given this 27-ft. 1983 RV when I lost my job.

This is America today. We have no running water; we use a hose to fill jugs. We have no shower but the campground does. We have a toilet but it only works when the sewer line doesn't freeze -- if it freezes, we use the campground's restrooms. At night, in my bed, when it's cold out, my blanket can freeze to the wall of the RV. We don't have a stove or an oven, just a microwave, so regular-food cooking is out. Recently we found a small toaster oven on sale so we can bake a little now because eating only microwaved food just wasn't working for us. We don't have a refrigerator, just an icebox (a block of ice cost about $1.89). It keeps things relatively cold. If it's freezing outside, we just put things on the picnic table.

You can read the rest of her incredibly heartbreaking letter right here.

This is not the America that I remember.

What in the world is happening to us?

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  • 2Gary2

    I wonder who on this site agrees with the following? BTW I agree with it.

    I really don’t think we can rely on the honesty or integrity of
    corporate America to keep us safe. This free market crap mixed with
    human greed doesn’t work out very well obviously.

    Trusting food processors is, in it’s own way, about as smart an safe as
    letting Lloyd Blankfien or Jamie Dimon or Barack Obama’s good friend and
    patron, Penny Pritzker, hold your wallet just after you cashed your
    weekly paycheck ..

    • http://www.socionomics.net/press/book_reviews/Calderwood_TomorrowsHeadlines.html David C.

      None of what you recorded is “free market.” What we have is “corporatism,” neither capitalism nor a free market. All the rules are made to favor the criminals and con artists who are running these firms and their bought-and-paid-for politicians.

      I truly wish we could actually try freedom for once…but if freedom was an option on the ballot, voting would be illegal.

  • DB200

    Interesting figures. If you add the debt of US consumers with the debt of the US government, you get a total of approximately 28.6 trillion U$. At 3% interest (that seems very high now, but historically is quite low), this would make approximately 880 million U$ in interest payments each year, for the whole society (if we forget about businesses, they also have loans). Now assume the US population to be 320 million people. That would lead to roughly 2,500 U$ in interest payments each year for each US citizen.

    So a family of four would pay 10,000 U$ in interest. And after payment of the interest, the loan still exists, it has not decreased. About half of all US citizens receive government assistance, so it would be save to assume that they would not be able to pay for any of the interest that is due. Let’s assume that the other half is middle class and up. That leaves the other half to cover all the interest payments, so 5,000 U$ for each person yearly. This is called solidarity.

    A middle class family of four would then have to pay 20,000 U$ interest yearly under the assumption that the debts don’t increase. Plus of course the taxes to keep the government running, the wars going, the social programs etc. working. Would there be any serious money left to pay for living expenses? And what would happen if the debt increases (as it does) and/or the interest rate goes up?

    What it seems is that the USA is bankrupt and heading for a fall. Thanks to the petro-dollar system this has not happened yet. My feeling always was that the USA was in trouble, I didn’t realize how serious it was until I did the numbers as a mental practice, thanks to Michael’s article.

    By the way, there are two ways out: declare bankruptcy or create solid inflation, say 10 – 15%. Bankruptcy would impoverish the whole financial industry and could lead to war. Inflation is the easier way out. Within 5 – 8 years, debt levels would be manageable again. The biggest losers would be pensioners on a fixed income basis. But they would be too old and too small a minority to be interesting as voters. Yes, this is perhaps cynical but politicians think like that. So it may be save to assume that savers will not be spared. Maybe those gold and silver bugs have a point?

    • http://www.socionomics.net/press/book_reviews/Calderwood_TomorrowsHeadlines.html David C.

      Inflation in a credit economy like ours requires active participation on the part of the public. While this has occurred so far, I believe it is impossible to do so much longer.

      Attempts to create inflation by issuing more debt drives down the value of pre-existing debt, which is (paradoxically) deflationary.

      I believe all roads now lead to deflation and default on the debt–government debt, personal debt, and corporate debt. Sadly, most people’s “wealth” is someone else’s debt, so this suggests we face the largest destruction of wealth in history, at least nominally (though maybe not on a percentage basis).

  • DB200

    If everybody would have listened to Warren Buffet, this wouldn’t have happened. In 1999 he said;

    “One piece of specific financial advise, I would say, avoid credit cards, just forget about them.”

    Go to youtube, and search on:
    “How to Stay Out of Debt: Warren Buffett – Financial Future of American Youth (1999)”

  • ganymede1

    It’s a bit late to comment on this blog but I will say this. Come this November the public is going to show its ire, especially towards the rightwing lunatics who have deliberately been sabotaging our country because they have a problem with our Black President. Unbelievable but true! The Democrats are just marginally less inept, negative and corrupt than the Repubs, but millions of liberals and progressives like myself know we will be able to pressure them to get some positive movement forward. Also, it would have helped these past few years, if more people had paid attention to Paul Krugman. He’s not been right on every point, but much further ahead than 99% of the economists.

    • http://www.socionomics.net/press/book_reviews/Calderwood_TomorrowsHeadlines.html David C.

      Redistribution of wealth is working soooo well for the Washington DC establishment…middle class wealth goes to Wall Street, then laundered into campaign contributions so incumbents return to office at higher rates than did Soviet Politburo members in the USSR.

      I don’t get it. Why do well-meaning people believe using the FIST of government (naked force, that is) will achieve beneficent ends? Obama’s signature legislation (the ACA) is the greatest Rube Goldberg gift to massive corporations yet self-described “liberals” still sing his praises.

      By the way, ganymede1, Krugman is an avowed Keynesian, who has written that it does not matter how much the government borrows (and squanders). Some notions are so stupid that it takes many years of education to embrace them. As with all Keynesians, he has NO IDEA from where capital is formed. He has NO IDEA where prosperity arises. He thinks spending creates prosperity, when in fact it is production that does so, and government produces NOTHING, not ONE THING; it only takes from those who produced and divvies up the loot, keeping a huge chunk for its members.

      The solution does not lay in voting, or in any politician or any legislation. The solution rests on reducing the COERCION in our society, which includes drastically reducing the burden of government taxation and regulation. We are being governed into OBLIVION.

    • pulltheweeds

      u r delusional and full of yourself

  • el guapo

    This is NOT a collapse, this is a controlled demolition. I’ve said it so many times…apparently nobody understands what I mean.

  • spin43

    Are you “Ready for Hellarceny”?

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