The Beginning Of The End
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95 Percent Of The Jobs Lost During The Recession Were Middle Class Jobs

Who is the biggest loser in the ongoing decline of the U.S. economy?  Is it the wealthy?  No, the stock market has been soaring lately and their incomes are actually going up.  Is it the poor?  Well, the poor are definitely hurting very badly, but when you don't have much to begin with you don't have much to lose.  Unfortunately, it is the middle class that has lost the most during this economic downturn.  According to Bloomberg, 95 percent of the jobs lost during the recession were middle class jobs.  That is an absolutely astounding figure.  Yes, some executives lost their jobs during the last recession as did some minimum-wage workers.  But overwhelmingly the jobs that were lost were middle income jobs.  Sadly, the limited number of jobs that have been added since the end of the last recession have mostly been low income jobs.  A higher percentage of Americans are working low income jobs than ever before, and the cost of living continues to rise at a very brisk pace.  This is causing an erosion of the middle class unlike anything we have ever seen in American history.

When I was growing up I was taught that the fact that we had the largest middle class in the history of the world was evidence that our economic system was working incredibly well.

So what does the fact that the middle class is shrinking at a very rapid pace at this point say about how well our economy is working?

Middle Class Incomes Are Going Down

During the last recession, millions of Americans lost their jobs and the percentage of working age Americans that have jobs has not bounced back in the years since the recession ended.

But most middle class Americans still have jobs.  The big problem for many middle class families is the fact that their incomes are not going up.  In fact, after you account for inflation, middle class incomes are actually way down during the Obama years as a recent Bloomberg article explained....

As a candidate in 2008, Obama blamed the reversals largely on the policies of Bush and other Republicans. He cited census figures showing that median income for working-age households -- those headed by someone younger than 65 -- had dropped more than $2,000 after inflation during the first seven years of Bush’s time in office.

Yet real median household income in March was down $4,300 since Obama took office in January 2009 and down $2,900 since the June 2009 start of the economic recovery, according to an analysis of census data by Sentier Research, an economic- consulting firm in Annapolis, Maryland.

So is this the "hope and change" that Obama was talking about?

But let's not just blame Obama and Bush.  The truth is that the trend toward lower paying jobs has been going on for a very long time.

Back in 1980, less than 30% of all jobs in the United States were low income jobs.  Today, more than 40% of all jobs in the United States are low income jobs.

So where will it end?

Will 50 percent or 60 percent of all Americans soon be working low income jobs?

At this point, approximately one out of every four jobs in America pays $10 an hour or less.

Could your family survive on $10 an hour?

The Rising Cost Of Living

As middle class incomes go down, the cost of almost everything that middle class families buy continues to go up.

The Federal Reserve claims that it has kept inflation "low" for decades, but that is a giant lie.

When you take a look at the long-term picture, it is amazing how much prices have changed.

Back in 1950, the average price of a new car was $1,510.

Today, the average price of a new car is $30,748.

In 1967, yearly tuition at Yale was $1,950.

Today it is $38,300.

And inflation continues to take a great toll on the paychecks of middle class families.

For example, electricity bills in the U.S. have risen faster than the overall rate of inflation for five years in a row.

Also, the price of gas has risen by more than 100 percent since Barack Obama entered the White House and the average U.S. household spent a staggering $4,155 on gasoline during 2011.

The Destruction Of Middle Class Wealth

What is the number one financial asset for most middle class families?

Most middle class families don't have a lot of stocks, bonds or other financial assets.

Instead, normally the family home is the number one financial asset for most middle class families, and in recent years the value of that asset has been absolutely decimated.

When you take inflation into account, housing prices have fallen all the way back to 1998 levels.  The following is from a recent Smart Money article....

The latest S&P / Case-Shiller numbers, reported last week, show that prices in 20 major markets declined 3.5% over the year through February. They're now back to 2002 levels. If we subtract for inflation, they're back to 1998 levels.

Overall, home prices in the U.S. have declined for six months in a row and are now down a total of 35 percent from the peak of the housing bubble.

Unfortunately, things don't look like they are going to turn around any time soon.  Yale economics professor Robert Shiller recently said the following about U.S. home prices....

"I worry that we might not see a really major turnaround in our lifetimes"

But falling home prices are not the only problem we are witnessing.  We are also seeing millions of middle class families lose their homes.

According to the U.S. Census, homeownership in America is now at the lowest level it has been in 15 years.

According to Gallup, the current level of homeownership in the United States is the lowest that Gallup has ever measured.

Owning your own home is an indication that you are part of the middle class, and so the fact that the number of Americans that own a home is falling rapidly is not a good sign for the health of the middle class at all.

The Future Is Not Bright

Those that are graduating from college right now are supposed to be the future of the middle class in America.

But for most of those college graduates, the future is not so bright.  Last year, a staggering 53 percent of all U.S. college graduates under the age of 25 were either unemployed or underemployed.

Millions of young college graduates have been forced to take jobs that do not even require a college degree.  Just check out the following stats from a recent CNBC article....

In the last year, they were more likely to be employed as waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined (100,000 versus 90,000). There were more working in office-related jobs such as receptionist or payroll clerk than in all computer professional jobs (163,000 versus 100,000).

Aren't those numbers crazy?

The truth is that a college education is no longer a ticket to the middle class.

What Happens To Americans That Fall Out Of The Middle Class?

As the middle class shrinks, the ranks of the "low income" and "the poor" are absolutely swelling.

Today, approximately 48 percent of all Americans are either considered to be "low income" or are living in poverty.

That is almost half the country.

Each year, millions more fall out of the middle class.  In 2010, 2.6 million more Americans fell into poverty.  That was the biggest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.

As the middle class shrinks, the number of Americans dependent on the government for survival rises.  Right now, government dependence is at an all-time high and things are only going to get worse from here.

In November 2008 (when Barack Obama won the election), 30.8 million Americans were on food stamps.  Today, more than 46 million Americans are on food stamps.

Will we eventually see 50 million or 60 million Americans on food stamps?

The U.S. economy desperately needs more middle class jobs.

Unfortunately, the Republicans failed to generate them under George W. Bush and the Democrats failed to generate them under Barack Obama.

Instead, both parties continue to promote the politics of division and they both continue to push for more of the same policies that got us into this mess in the first place.

Nothing is being done to solve our problems and so the middle class in America is going to be even smaller by this time next year.

If you still have a spot in the middle class, hold on to it as tightly as you can.  It is not as secure as you might think.

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  • Washington

    Why? – 21 Unanswered Questions That They Don’t Want You To Look Into!
    http://endoftheamericandream.com/archives/why-21-unanswered-questions-that-they-dont-want-you-to-look-into

  • Washington

    “Anarchy 101: How Wisconsin’s Left Embraces Chaos,” the report takes us through the protests, legal challenges and subsequent recall efforts of 2011 and 2012. It features Brett Healy and Brian Fraley of the MacIver Institute, Collin Roth of Media Trackers, an unidentified citizen journalist on the ground for many of the protests, and State Sen. Alberta Darling, a target of death threats, intimidation tactics, and a failed recall attempt last year.
    http://www.youtube.com/watch?v=Fys7fzGtAcI&feature=player_embedded

    • Gary2

      mciver is a right wing hack organization and has zero creditability/

      • knightowl77

        Is that because they use big words that you don’t understand? Or is it simply that every group that disagrees with you and your side has “zero credibility”?

        Just because you don’t like the messenger, that does not mean that the message is BS. Each message has to be understood and evaluated to know whether it is credible or not.

        Just because 99.9% of the time you spout total cow manure, I still read what you write. I then evaluate it, and end up nearly always, discarding it as putrid cow manure not worth my time…But not every time….So I would urge you to at least listen to or read people you think have no credibility….or not…Don’t want to tax your mind, I know how you feel about taxes. ;-)

      • Rodster

        And you’re a left wing nutjob who has ZERO credibility. So what’s your point? :)

      • Syrin

        Thus hath god spoken.

        Sorry, that’s not how it works. I can’t recall EVER using that idiotic immature response as a comeback. can’t defeat the message, kill the messenger. Trade mark regressive tactic.

      • Prepping for the Future

        Gary when you moving?? Come on Gary put your actions behind your big words move to Norway. It is your socialist dream country but NO you just stay, cry and whine you have ZERO creditability!

      • Kev

        Popular as ever,eh Gary?

  • mondobeyondo

    From CNN, May 1, 2012:
    “Dow Jones closes at 4-year high”

    http://money.cnn.com/2012/05/01/markets/stocks/index.htm?hpt=hp_t1

    “NEW YORK (CNNMoney) — U.S. stocks moved solidly higher Tuesday as investors welcomed a rise in U.S. manufacturing activity and a mixed batch of corporate earnings.”

    Yaaay! Alright! You go, Dow Jones! Your market rocks! Not that it matters much to your average middle class family, because as Michael mentioned, most middle class families don’t have a lot of stocks, bonds or other financial assets. It’s primarily good news for the wealthy CEO’s and their friends.

    “This comes as a big surprise, because activity in the New York, Philadelphia and Chicago regions slowed materially last month,” said Katy Lien, director of research and analysis at Global Forex Trading. “The details of the report showed strength in new orders, production, new export orders, employment, supplier deliveries and customer inventories.”

    Oh come on, Katy. Are you contradicting your own data? Activity slowed last month in the cities she mentions, but there’s strength in new orders and production? Activity is slowing, but production is increasing? How can that be??

    Education used to be the ticket to get to the middle class. It’s not anymore. Not with tens of thousands of dollars of student loan debt hanging around the necks of young college graduates.

    The Fed claims inflation to be around 2-3 percent. I’m surprised that Ben Bernanke’s trousers haven’t burst into flames, because he’s lying through his teeth. The real inflation rate is well into the double digits. So why aren’t they telling the truth? Because if they did, interest rates would have to compensate for increased inflation. They’d have to rearrange the COLA (cost of living adjustment) for Social Security to reflect rising inflation. The national debt would skyrocket to Jupiter and beyond. Oh, the horror! Prime lending rates must be kept as low as possible to avoid this. The Fed knows it. (Crank up the propaganda machine, maestro!)

    Anyway.. just a few random thoughts.
    (btw – has there ever been a recession since the Great Depression where so many middle class jobs were lost? Just wondering. My mind tends to wonder, I mean wander, a lot these days.)

    • JStevens

      I just don’t get the inflation numbers. If they’re using what they say they use in calculating inflation, the percentage should be through the roof.

      CPI is based on:

      FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks)
      HOUSING (rent of primary residence, owners’ equivalent rent, fuel oil, bedroom furniture)
      APPAREL (men’s shirts and sweaters, women’s dresses, jewelry)
      TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance)
      MEDICAL CARE (prescription drugs and medical supplies, physicians’ services, eyeglasses and eye care, hospital services)
      RECREATION (televisions, toys, pets and pet products, sports equipment, admissions);
      EDUCATION AND COMMUNICATION (college tuition, postage, telephone services, computer software and accessories);
      OTHER GOODS AND SERVICES (tobacco and smoking products, haircuts and other personal services, funeral expenses).

  • mark

    I have many friends in the middle class that are hurting. If I look at many of the reasons,one jumps out at me. They always seem to have lived beyond their means during their most productive working years. They never brown bagged their lunch or brought their own coffee from home. They bought more house than they could afford and bought stuff with credit cards and did not pay off the balance each month. They would buy premade frozen food from the freezer case and buy expensive wine and beer. Go on a cruise and pay with a credit card and buy a car with all the extras. In many cases they did this to themselves. They came to think that Social Security would take care of them in their golden years. If your want golden years, you should have lived below your means and saved for those golden years.

    • Gary3

      One point about the cost of cars: Today it seems like almost every car, even low-end ones has electric windows and cruise control. When I was a kid in the 70s those things were quite uncommon.

      If housing prices were the only thing that was down, that would be a good thing. Housing had gotten priced at insane levels. Look at newer houses. Lots of features that not long ago were considered luxuries. The house I grew up in didn’t have a dining room or a “formal” living room. Now a lot of homes under 200K have both of these (mostly) unused spaces, which have to be heated and cooled.

    • McKinley Morganfield

      Mark, I have made the same observation time after time. For most of us the keys to capital accumulation and sound assets are a.) get a good education or training in a valuable field that will stand the test of time, b.) work hard and practice frugality, and c.) make safe, conservative investments. With the exception of wise real estate investments, never use credit. If you want non-essential items pay cash for them. And never buy or lease a new car. That is one of the biggest drains on middle class and working poor households. I’m 64 and every car I have owned was used and bought with cash.

      • mark

        You are right about buying or leasing cars. I buy a low miles salvaged title car when I need to replace mine. The last one I bought was a 2009 VW jetta sportwagon diesel for $17000 with only 3,200 miles on it. It sure was a lot better than paying $28,000 for the same car. I don’t care about the lower resale value since I will drive it for a several years and then give it to one of my adult children when I want a different car. I get around 48 miles per gal with it now that I have broken in the motor.

        • McKinley Morganfield

          In 2004 we bought a 2003 Passat wagon with 8,000 miles on it from a young woman who had to sell it asap. We gave her, after much bargaining, $9,000. It now has 55,000 miles on the odometer and runs like a well oiled machine.

  • Benjik

    I’m willing to share some personal financial numbers to collaborate the article:

    Combined pre-tax household income:
    2005- $72,746
    2011- $33,823

    2012 Monthly City Utilities(water, sewer, trash & electric)Does NOT include heat:
    Feb- $176.36
    March- $192.22
    April- $205.84
    Note* Usage has actually decreased in this 3-month period.

    Property taxes on current dwelling:
    2010- $686.65
    2012- $912.33

    Monthly vehicle payments:
    2007(’05 truck)- $550.00
    2007(’06 car)- $380.00
    2012(’94 truck)- Paid for. :)
    2012(’05 car)- $195.00

    Mortgage:
    2008- $857.55
    2012- $302.44
    (We were lucky enough to sell, move and downsize without TOO much of a penalty)

    As you can see, it would impossible to have our previous debt/monthly-payments on our current income. But I see this all over the place, friends and family STRUGGLING to maintain the 2005-ish lifestyle with 2012 wages and IT’S NOT WORKING. Add in the skyrocketing cost of gasoline and food and it’s no wonder so many are drowning in credit-card debt. We were fortunate enough to shed the some-what lavish lifestyle, but how many millions out there can’t or are unwilling to drastically reduce their expenditures to match their income? The best of luck to anyone out there who finds themselves in this situation.

    “The Times They Are A-Changin’”- Bob Dylan

    • Michael

      Ouch – those are some tough numbers BenjiK.

      Michael

    • WM

      Benjik: Thanks for sharing with us. I have noticed mu utilities rising each month also, and like you, my usage is lower. I can see electricity going crazy, as well as water and natural gas. Thankfully, here in Connecticut, we had a very mild winter, actually the mildest winter I have ever lived through living in New England.

      I had to gasp though when I seen what you pay for property taxes, Is this for real? I am curious as to what state you live in? I live in Hartford County, Connecticut. I live in a 900 square foot cape, with 2 bedrooms, closet sized bathroom, no garage, and a postage stamp sized lot. The house is probably worth around $115,000 now and I pay $3,600 per year in taxes!!!!!! Yes, it is not a typo. I pay Three Thousand Six Hundred Dollars per year, for a small, 1941 cape in a suburb, on a verge neighborhood, where, just on the other side of the highway is the rough part of town with all its drugs, crime, and government housing, (1/2 mile from my neighborhood). You would think with this tax rate, I would at least have a mountain view, LOL!

      And I am a blue collar, middle class worker and earn around $30k per year. Just as this article states, cost of living is skyrocketing. Gasoline here is around $4.09 per gallon, for the cheap stuff.

      When I read these articles, I see what is going in in my own life, just as described.

      • Michael

        WM:

        I appreciate when people like you share what is going on in your own lives because it brings another whole layer of perspective to the issues in the articles.

        Economic statistics are one thing, but personal stories are often much more powerful.

        Michael

      • Benjik

        Thanks for the feedback WM! We are nestled in a cozy little community in the beautiful Upper Peninsula of Michigan and we too have a 1940′s Cape Cod/Saltbox style home. Last fall we picked up 3.5 acres on which to eventually build a self-sustaining homestead and our taxes on that are only $105.00 a year. There is much local debate regarding our low property-tax rate as there are some services that are under-funded. For example, our city streets and county roads are quite rough, but it goes back to what would you rather have: Nice, smooth streets or affordable property taxes?

        Your $3600 a year tax bill is a hard pill to swallow, I’m sure! That’s $300 a month just in taxes. Our $302 a month mortgage actually includes taxes AND insurance, and that’s on a 15-year note.(It was a foreclosure from a local bank.) We actually moved here from a very high property-tax area a couple years ago and absolutely love the freedom. Like everywhere else though, the everyday cost of living continues to skyrocket.

    • Gary2

      Thank you for sharing. I am basically in the same boat you are in. Sucks big time to only be making 1/2 of what I used to make.

      What really frosts my ass is that 4 months before I was downsized I saved a persons life at the workplace, got big awards and placks etc and 4 months later I was downsized. I saved them such a big lawsuite they could have kept me on with the money I saved them.

      • Syrin

        I’m sure it has nothing to do with your stellar personality.

        • Optimistic Pessimist

          I usually don’t agree with what G2 has to say but I have sympathy with him for being downsized – this is not nice for anyone to experience.

      • Kev

        I have you pictured in a skin tight Superhero outfit flexing tiny biceps in the mirror.
        ‘Look out,it’s Super-lefty’

    • TX4Life

      Thanks for sharing this personal info. I must say, it looks almost exactly like our family finances over the past 4 years. There are alot of others out there I’m sure whose personal finances have taken the same beating over the past 4 years. Hopefully, they have also been smart enough to downsize in order to get out ahead of the crushing decline.

  • tappedops

    what part of “DeinDUHHHstrealization” do braindead redwytnbluers not get here—its over…the fat lady died years ago…prep for a painless final chapter… dont kid yourself…

    • V

      exactly. Free trade, or what they call free trade. The most senseless policies ever enacted and totally unconstitutional.

      Free trade is essentially deregulation of trade. Section 8 of the Constitution, congress is to:
      To REGULATE commerce with foreign nations, and among the several states, and with the Indian tribes;

  • Jodi

    Sigh…depressing. I would have to guess those college students will show up at the occupy sights instead of trying to be productive.

    • Ian

      and how, pray tell, is being a responsible citizen and getting out and excercising your freedom to become the change and being a true American not productive? I hold down a 40 hour a week job and make it to occupy protests because the system is completely screwed up and we want to wake up the sleeping giant. If you think buying into this failing system and becoming a little consumer is going to work for much longer, well…..take a look around my friend. We are seeing the result of being “productive” for a system that cares naught for you and i, but only for the bottom line. And that bottom line is PROFIT AT ANY COST. And we want to end this cycle. It will end and it is coming to a screeching halt.

      • Ian

        It is no measure of mental health to be well adjusted to a profoundly sick society.

      • Gary2

        I work more than 40 hours many weeks and I also make it to the protests.

      • Jodi

        I understand people are frustrated over our declining economy, but I don’t agree with exercising your freedom by throwing rocks and using pry bars to destroy businesses is being productive. Occupy your life! Here is a few things that were found yesterday in Seattle. Read up! They are nuts. And I don’t think they are all students.
        http://www.theblaze.com/stories/seattle-police-seize-a-bag-of-feces-bombs-rocks-pry-bars-more-from-may-day-protesters/

    • k71

      Jodi, we know by your condescending sigh that you are more intelligent and better than the scum at OWS. You would have made a great German girl in the 1930′s.

      • knightowl77

        so we don’t like or respect OWS and you compare us to Germans in the 1930s…

        Again you denegrate and insult the messenger without refuting any of what the writer said…Well done strong work…many in the crowd are anarchists and only interested in destroying, not improving….

        Your decision to hang out with and support such people speaks volumes about you too.

        • xander cross

          Typical racist as ususal from knightowl77

  • Buzzy Watts

    According to the propaganda we’ve been fed for the last 50 years, you’re either a “homeowning middle-class quality person” or some kind of subhuman parasite. Rather than critically assess the accuracy of said propaganda, everyone seems to have immediately swallowed it and consequently gone deep into debt in order to keep up appearances.

  • VyseLegendaire

    Things keep getting worse, but there is no huge backlash or mass ‘lightbulb’ awareness movement yet. Its Spring and OWS is back out, but will they be able to make headway without the throngs of the working poor and poor who make up the real ’99%’? I doubt that.

    What will be the impetus for the working poor and poor to take to the streets – if they do? Gas. Once gas its a critical #, anywhere from 5-7$ a gallon, suddenly people won’t be able to afford to get to work and put on the appearances of normalcy for much longer.

    What happens when Americans can no longer even pretend to be part of a functional society? Will we just take it lying down and take our government allotment of Twinkies and processed cheese? Or will they fight for some semblance of sanity from their ‘elected’ leaders? I have to admit I’m pessimistic.

  • mhamilton

    So much for globalisation . Remember when Perot in 92 mentioned the giant sucking sound ? That all jobs would go to Mexico . He was part right all of our Jobs are in China.

    • V

      spot on. Corporations first saw the $2/hr labor in Mexico, then saw the 5 cents/hr labor in China and went there.

    • Gary3

      And he was roundly ridiculed as a loon. Don’t seem so loony now, huh?

    • Witness the End

      Remember when Perot mentioned that $2 trillion Federal debt was too much and we were on the wrong path.

      Boy, I wish we had listened to him back then.

      • knightowl77

        I voted Perot…and will be voting for Ron Paul in November

    • Old Man

      How many jobs went to Mexico due to NAFTA? Quite a few I am sure, but hardly enough to make a national difference. So Ross Perot was wrong about NAFTA. Besides, Mexico returned the favor by sending a million illegal migrants to work in the farms for absolute slave wages. Think how much more in food you would pay without them.

      (BTW, NAFTA also include Canada. What’s the NAFTA job number between US-Canada. It created more than 10 million American jobs and 2 million Canadian jobs, growing both countries by 25% since it was signed. So don’t bitch to Canadians or you’re going to get the 40-below treatment.]

      How many jobs went to China? Tons, massive. Both in jobs and in investment and equipment. Who sent those jobs to China? Thousands of American multi-national corporations and virtually the entire consumer class. That the former did so is classic American capitalism – maximize profit every single freaking quarter. That the latter did so, by buying umteen trillions of China imports for 2 decades, is classic American short-term gratification for long-term stupidity.

      Too bad Ross didn’t say a word about the giant sucking sound from China. He was just smart enough to shut up. What to talk when there is no free trade with China? And what to talk when the people rejected his bid for presidency, and proceeded to elect extreme globalization, total de-regulation Neocon government for 2 terms?

  • Jose-h

    Michael,

    With unemployment north of 23 % (including those who are marginally employed, long-term unemployed, the percent we should be truly concerned with, underemployed, and those who simply gave up) with rising government deficits, overall debt over 100% of GDP, a declining dollar, inflation between 7 and 10 % and simply no answers with offshoring of employment, how can the USA start to hire more workers when the regulations involved cost domestic companies so much more, namely small businesses. Small businesses drive the economy, the amount of regulations (excluding Obamacare) is absolutely destroying the framework of the middle class of this once-great country. It does not help either that the corporate tax rate is 35 %, which encourages more offshoring, termination of responsible and adept employees to reduce administrative expenses (I understand this as an accounting student), yet it is also not alright that wealthy millionaires and billionaires are able to escape taxes, while also financing the same institutions that helped contribute to this mess we’re in. I currently would be considered underemployed working for $12.00/hr, even full-time (even though I have a 2-yr degree from a reputable community college and will soon have a 4-yr degree).

    What’s your take on all of this, are there any answers, or just be compassionate to those who are suffering, offer a helping hand whenever possible, and pray?

    • Michael

      There are potential answers on the national level, but our politicians will not consider them.

      So we have to pray and prepare on an individual level.

      Times are going to be hard, but they don’t have to be hard for everyone.

      Michael

      • Gary2

        still praying to be rich. Not workin out too well. Why does everyone say be careful what you pray for as you might just get it??

        I am not careful what I pray for and I have not got ****************.

        • Michael

          Gary:

          The Scriptures tell us that if we want to walk in the blessings of God that we must serve Him and keep His Commandments.

          The first step is to repent of your sins and to give your life to Jesus Christ.

          If you would like to learn more, check out this article….

          http://whatdoesthebiblesayabout.com/archives/what-does-the-bible-say-about-salvation

          Michael

          • Rodster

            Even Jesus would have a tough time liking Gary2. :)

        • Syrin

          You don’t want to be rich. You HATE prosperity. You want everyone to be destitute and in shackles if not openly executed.

          Watch “The Hunger games” It’s your utopian society.

        • Rodster

          You truly are dumber than a box of rocks. :lol:

          So you preach to steal from the rich, the 1% and you aspire to one day be like them. You sir are moron.

        • ScoutMotto

          Gary, don’t pray to be rich. It could be that right after you get rich, they’ll decide to grant your wish and “tax the rich.”

          • Gary2

            I will take the chance-I would love to be worried about high taxes as that would mean I was making a lot of money..

            IF ANY RICH PERSON WANTS TO TRADE PLACES I AM SURE I WILL NOT BE BOTHERED BY THEIR TAX BURDEN

    • mark

      My daughter has a 4 year degree in accounting and is making $18 an hour plus benefits. She is about 1 1/2 years out of college. She has been blessed to have this job. She started at about $10 per hour without benefits.

      • Old Man

        Good. But tell her that accountants only count other people’s money. It’s much better to have accountants count your money.

      • http://theeconomiccollapse kill the elite globalists i

        my dog os smarter than your daughtor

    • Gay Veteran

      Jose, like the big corporations are paying a tax rate of 35%

  • Joseph

    Meant to write “Joseph” not “Jose-h” my mistake.

  • davidmpark

    Yes, the wealth was destroyed, but the intrinsic value of the commodities seems to remain intact…

    Thank you very much, Mike; just figured out how to end my problem. :)

  • BeenThere

    When they came for the unemployed, I didn’t speak out because I wasn’t unemployed.
    When they came for the working class, I didn’t speak out because I wasn’t working class
    When they came for me (the middle class) it was too late to speak out.
    Apologies to Martin Niemöller

  • markthetruth

    #1 Only the fittest will survive (Nature ,giant shrimp eating the small) Greed.
    #2 On earth we produce nothing (there is no more matter on earth then when it was born except for meteors)we only turn it into something else
    #3 We are searching for the impossible “free energy” , antimatter doesn’t exist
    #4 human bodies are approx. 70% water the more humans less water. (Water shortage)
    #5 worst inventions , plastic , t.v. , technology . (But now it’s on to the jetsons maybe)
    #6 Our children have no manners, morals or ethics anymore.
    #7 All of this progress, we made has just made life more complicated, timed, stressful, and meaningless we just became a “number”.
    #8 The happiest people i met are in the most rural, untouched , area’s of the world
    #9 Everyone is looking for the holy grail of winning the lottery only to get jealous of the winner.
    #10 We seem to want to know everything . (would you like what’s in store for tomorrow, what would you do if you find out your time is up on this planet.

    • Mal R.

      “#3 We are searching for the impossible “free energy” , antimatter doesn’t exist”

      What are you talking about – Anti-matter absolutely exists?

      • Gary2

        mal would know–hes anti intellectual so he klnows a lot about anti everything

        • Mal R.

          HARRRR! You got me.

  • Stan522

    I’m in sales and still am employed. I am working 30% harder and making 50% less than pre-2007. I feel lucky, but I certainly am tired of this “new normal”. I blame mostly politician’s and crony capitalism. When you mix in a little Fed policy, we have total chaos. I see no end to this other than a total collapse. The question is when, not “if”.

  • James

    As the wages and salaries go down, so will the cost of most things. If the middle class and poor can’t afford to buy things, the prices will come down out of necessity because big business and corporations will not be able to sell anything. At the macro-economic level, profits will suffer long term, while local micro-economic situations will improve. As people begin to buy non-brand items and locally, the corporations will start to dwindle. This should cause the revival of small, local businesses that can hire local employees. This will improve the local economies, and make them more sustainable.

    • Kevin2

      James

      “As the wages and salaries go down, so will the cost of most things.”

      Your forgetting the increase in the money supply which will raise the cost of food and fuel. The standard of living will reduce. The Chinese make very little money. Many items are cheap there. Bugs and various worms for dinner are reasonably priced.

      “This should cause the revival of small, local businesses that can hire local employees.”

      No developed nation of 300+ million survives well from local cottage “small businesses”.

      ” This will improve the local economies, and make them more sustainable.”

      Sustainable certainly but with a much reduced standard of living. A bowl of rice and a fish head is sustainable.

    • Kevin2

      James

      Simply put if you make Chinese and Indian wages you live like Chinese and Indians do.

  • http://www.muccings.blogspot.com gfmucci

    I am not at all surprised by this “middle class job loss.” President Obama and his church of 20 years promoted the idea of the evils of pursuit of middle classness. Obama is implementing the demise of the middle class through his economic and social policies.
    Read more here: http://www.muccings.blogspot.com/2012/04/disavowal-of-middleclassness.html

  • robert lazo

    feal your pain. my barbershop is down $1,700 a mounth from where we were in 2007. But all my costs are up.

  • Rodster

    US Economy Faces Risk of ‘Fiscal Cliff’: Fed Officials

    http://www.cnbc.com/id/47246646

  • 005

    Gotten to the point that, yes it’s all one big conspiracy. The ones controlling everything.
    It’s all because of THEM!
    Who Is THEM?
    Only THEY know who is THEM!

    Seriously though, it’s way past the point of wondering, are these politicos this inept, or, are they getting exactly what they want?

    I keep thinking of Pacino’s line,
    “I’m outta order, you’re outta order, the whole stinkin’ system’s outta order!”

    The decline and fall of the American Empire?

    I’m very tired, and that’s what THEY want.

    nuff said

    005

  • Georgiaboy61

    Re: “Back in 1950, the average price of a new car was $1,510. Today, the average price of a new car is $30,748. In 1967, yearly tuition at Yale was $1,950.
    Today it is $38,300.” These simple statistical comparisons show that the debasement of our currency via inflation underlies many of our economic crises. I did not agree with Ron Paul on every issue, but concerning the need to audit and reform/abolish the Federal Reserve, the Congressman from Texas was right on the mark. The Federal Reserve siphons off trillions in wealth from our economy via the hidden tax of inflation over the years, channeling these funds into the secretative cabal of banks, investment houses, and others who in effect control our financial system, and thus, our nation…. but refuses to allow oversight, claiming that they are not part of the government, and thus are not subject to its supervision. Huh? Let’s call this cartel what it is – the biggest theft in history, pulled off by a cabal of thieves in suits. Doubters are invited to read G. Edward Griffin’s “The Creature from Jekyll Island,” an authoritative history and expose of that corrupt institution.

  • J.J.C.

    When I graduated from college in 1997 on a Friday, I started my new job the next Monday. I was constantly recruited and promoted in the years that followed until I left the workforce to come home to raise my children and even then I still did some consulting for a few years after.

    BUT……I was a stay at home mom when “the music stopped” and now nobody wants me. I couldn’t buy a job that would be worth having after paying childcare for three kids. :(

    The last time we moved, I didn’t even bother to hang my diplomas because it just hurts to look at them.

  • Cinderella Man

    If anyone thinks that almost 50 million Americans on food stamps is a sign of recovery and pardon my language but you have shit for brains. The other day I went shopping and I spent $170 on my ten bags of food and I watched a man and his daughter ring up ten packs of cheap balogna he meekly asked the clerk if those were the 10 for 10 deal and she said yes. Then the Dad said to the daughter “I hope you like it were going to be eating it till we bust!” This is what our world has come to. A man is feeding his kid trying to stretch their meager food stamp budget by eating balogna for several meals. I couldnt help but think of the movie of my namesake Cinderella Man with Russell Crowe when his wife was frying balogna for every meal back during the first Great Depression. Ive seen it all in these past 4 years. From beautiful women in souplines and shitty hotels to living in my car and watching inflation destroy all of our lives. We are all 9 meals from anarchy. I cant express the gratitude that I have for my Lord for saving me from the situation that I was in a year ago. I know how the Greeks that commit suicide feel. I was there my self. May not be all right Rev.22 “For it will never be night again and they will not need lamplight or sunlight for the Lord God shines on them all” correct me if Im wrong Michael.

    • Michael

      A lot of families are forced to buy the cheapest food that they can find in the grocery stores. But often the cheapest foods are the most unhealthy foods.

      A lot of poor families are very sick and unhealthy, and they don’t have enough money to do much better.

      Michael

      • McKinley Morganfield

        Rice, beans,cornmeal, oatmeal, pasta and pasta sauce, peanut butter, eggs, canned tuna & salmon, and canned fruits & vegetables are still relatively cheap and provide a healthy diet. That was our diet, plus the vegetables we grew and the occasional chicken, for the first 20 years of our marriage. The kids grew up healthy and strong. I disagree that healthy food is out of the reach of food stamp recipients or the working poor in general.

        • Cinderella Man

          Not anymore McKinley all those foods you mentioned are skyrocketing too…

          • McKinley Morganfield

            Not anymore McKinley all those foods you mentioned are skyrocketing too”

            Compared to what? Those food products are still far less costly than what I see the typical food stamp (card) recipients buying in the check out line.

            Shop Aldi or whatever exists in your area. Pay attention to periodic sales and stock up; if you do you will find rice at 70 cents/lb (or less). Beans at 50 cents per 15 oz can. Oatmeal at $1 per pound or less. Pasta at 80 cents/lb. Canned fruit can be found at 55 cents. Canned tomatoes at 70 cents. Eggs in my town are 99 cents per dozen. Pasta sauce is $1.40 to $1.70 per quart, and so forth. It is still possible, in today’s inflated dollars, to have a healthy diet on a strict budget.

      • mondobeyondo

        Which explains why so many of our fellow countrymen are so obese. It’s not from too much food. It’s from eating the wrong kind of food.

  • V

    The trade deficit was halved in 2008/2009 during the continuing crisis. It was going in the right direction before QE kicked in. February trade deficit with China alone in 2012 hit a record $50 billion…. wrong directions

  • mondobeyondo

    Here’s another gem, this one from “The Business Insider”:

    http://www.businessinsider.com/how-much-cheaper-everything-used-to-be-2012-4

    The most shocking example given in this article, in my opinion, is the one of Disneyland. The others are scary as well, but for some reason, the Disneyland example really gets to me. There are other examples that this article doesn’t mention. For example, you could attend a Doors concert in 1970 for as little as $13.00. If you are wondering, no. I never saw the Doors live. I was 4 years old in 1970, and madly in love with Cindy Brady, of “The Brady Bunch” – as much as a 4 year old could be love with anything at that age! (“Hey! Would.. would you, I mean, do you like chocolate ice cream, Cindy? My mom can bake you some strawberry Pop-Tarts! She even puts powdered sugar all over them!”) The phrase “Marsha, Marsha, MARSHA!” didn’t enter my head at that time.

    In retrospect, I would have loved to have seen Jim Morrison and the guys rock out live. Unfortunately, I was born a bit too late. Anywhooo…..

    ——————–

    Okay, back on topic! [And the entire reading audience responds by saying in unison, "That Mondo guy, he's finally back down to earth! That guy is craaaaazy!!]

    No. I’m not crazy. Charlie Manson is crazy. Don’t know what the hell I am, but I’m definitely not crazy. Back to Disneyland.

    If I ever do have kids, they will never know what a true amusement park experience is like. Not for under $120.00.

    Tomorrowland? You wanna see Tomorrowland? Space ships and flying cars?
    Well, have I got news for you!

    NASA is broke. And the only “flying car” is the one from the final scene of the movie “Thelma and Louise” (1988, Twenty Century Fox…? Maybe?), when their vehicle flies off the edge of the Grand Canyon.

    Let’s face it, your house is probably underwater. The bank is foreclosing on your property. You’ve lost your job. Your wife/husband has lost their job. You’re depending on your grandparents’ Social Security payment to feed your family and children. Who’s got the best deal for pinto beans? Lima beans? Wal-Mart or Kroger? (It’s Kroger. Trust me. Hehehe.)

    Hell, that’s Todayland. You don’t want to see Tomorrowland. It’s horrible. Take a stroll up Main Street instead.

    • Mal R.

      Sure there are flying cars -
      the Terrafugia Transition and the Moller Sky car

    • Esta

      Mondo, I really enjoy your posts! When I was a kid growing up in Los Angeles in the early 1970s, I think a ticket book to Disneyland was about $5.95. It was a simpler place then, with limited food and souvenirs for sale. I never stayed at the original hotel, though it too was basic by today’s standards. Thirty years later we took our own kids there a few times, drove about five hours each way, ate gourmet food, and stayed at the luxury hotels that have been added to the Park since my childhood. I have to admit I did enjoy those trips alot. That was before the “new normal,” and I doubt we’ll ever live like that again.

      I am also old enough to remember when a scoop of Thrifty’s ice cream was a nickel. (No pricey Baskin Robbins ice cream for us.) Now the Thrifty’s single scoop is $1.69!

  • Paul

    “Today, the average price of a new car is $30,748.”

    Well, somehow the wages for the workers must be paid?

    But if you don’t have that much money, you can still get something cheaper.
    A new Skoda Fabia is available for £6,000 and gives you 80mpg.

    A used car from the 80s or 90s sets you back £500 – £1000, but costs more for petrol and tax.

  • Paul

    “#1 Only the fittest will survive (Nature ,giant shrimp eating the small) Greed.”

    “Fit” also means to fit in.

    That means, those who can adapt best survive. Those who cannot adapt their lifestyle, will crash.

    It pays to save when you have, then you have when you need.

    So, don’t squander all that income, always put aside some and invest in operating cost savings.

    When I was on welfare, I put away some money to have to go to those job interviews.
    And when I got that job, I still lived like I was on welfare.
    With the savings I bought me my house in cash. Well, I took out a loan, but with lower interest rate than that on my savings. This way I am more flexible and have some cash for unexpected costs, like that flight home when my mom had a heart problem.

    I still don’t have a car, but I am back to living like on welfare. The savings go to our nieces to pay for university.

  • Philippino Bob

    For your information $SPX (SP 500) has topped at roughly level 1422.
    It will stay that way until 12/21/12.
    No more three piece suit boys making 6 digit salaries!
    GAME OVER!
    From 12/21/12, it’s down the hill!

  • Tim

    Yesterday my mother had a carpet repairman come to her home to repair a few spots in her carpet. She said the repairman told her that several years ago he had ten crews of installers. When the recession hit he had to lay off all of his employees. He is now working by himself, and he doesn’t have much business. My mother said that he was very grateful that she called him.

  • Kevin2

    There should be a sign when you enter Camden NJ.

    WELCOME TO CAMDEN NJ, WE’RE AHEAD OF OUR TIME

    That place de-industrialized before the term was widely used. Allentown PA and Detroit MI followed Camden’s lead. One just needs to look back to see forward.

    • El Pollo de Oro

      Kevin2: I live in Philadelphia. It would probably take me about an hour to walk to Camden from my neighborhood (if I had a death wish). About 12 or 13 years ago, some real estate clown I knew tried to convince me to buy cheapo property in Camden because he was “certain” it was going to gentrify big-time and I would get a 1000% return on my investment (yeah, why don’t you try to sell me the Ben Franklin Bridge while you’re at it?). Anyway, here are some slogans for Lovely Camden:

      “Camden: A blueprint for America’s grim future.”

      “Camden: We’re almost as much fun as Barrio Tepito, but we speak English.”

      “Camden: We make folks in Newark and Trenton think they have it good.”

      “Camden: Mi rowhouse destrozado es tu rowhouse destrozado.”

      • mondobeyondo

        “Mi casa es tu casa”…

        Welcome to my casa. It’s a 1998 Honda Accord. Make yourself at home.
        Back seat’s a bit cramped, so your teenagers won’t be able to make out like they want to, but hey – we’re in a depression. Or have you just gotten that news?!

        Don’t worry about me. I’ll sleep on the hood.

        • mondobeyondo

          The above post is not true for me specifically, but it’s true for a lot of people out there. I may be next.

  • Reality Check

    As someone outside America, Why do people blame Obama for the GFC? It all started under GW Bush’s watch and presidents before him. The wheels were well and truly turning before he was sworn in. Unmitigated greed by large corporations and banks, as well as some billionaire individuals (who mostly pay no tax) are the real problems. For example, once you get past the Goldman Sachs etc, it is companies like Apple, a company that has been hugely successful in turnover and increased share price, pays around the same nett tax dollars today as they did 10 years ago AND employs less Americans than ever AND gets its products made in China for the cost of a bowl of rice in pre industrial revolution workhouses. Until fair taxes are paid by rich people and rich companies for the benefit of America and its people, nothing will change. Maybe waging war in a few less countries would also help balance the books too.

    • Gary2

      you are spot on. The rich and corporations do not even come close to paying their fair share.

      This is why I keep saying tax the rich hard and spread the wealth.

      • Kev

        Not because you want to irritate then Gary?

      • Reality Check

        You don’t have to tax the rich “hard”, but they do need to pay their “fair share” within the “intent” and “spirit” of the tax rates and laws. At the moment many corporations and individuals are giving the finger to ordinary Americans. The US Government also needs to be more “fiscally” responsible and a new war every week doesn’t help the money situation.

  • Gary2

    And yet ANOTHER study proving conservatives have a smaller brain than the average person or liberal. Sorry right wingers you just go through life operating on a lower level than the rest of us.

    Consider for a moment just how terrifying it must be to live life as a true believer on the right. Reality is scary enough, but the alternative reality inhabited by people who watch Glenn Beck, listen to Rush Limbaugh, or think Michele Bachmann isn’t a joke must be nothing less than horrifying.

    Looking at MRIs of a large sample of young adults last year, researchers at University College London discovered that “greater conservatism was associated with increased volume of the right amygdala” ($$). The amygdala is an ancient brain structure that’s activated during states of fear and anxiety. (The researchers also found that “greater liberalism was associated with increased gray matter volume in the anterior cingulate cortex” – a region in the brain that is believed to help people manage complexity.)

    http://www.alternet.org/story/155210/why_is_the_conservative_brain_more_fearful_the_alternate_reality_right-wingers_inhabit_is_terrifying?akid=8693.146440.bXSKXd&rd=1&t=5

    • Syrin

      Yet another new survey shows that Republican supporters know more about politics and political history than Democrats.

      Read more: http://dailycaller.com/2012/04/22/science-say-gop-voters-better-informed-open-minded/#ixzz1tjpUxoCT

      Besides, any “discusssion” with you about ANY topic shows the profound ingnorance that is the trade mark of the left. This is all you have left. hey GARY, I’m an MD, and 95% of MD’s I know are conservative. Care to explain that? I guess we’re profoundly dumb. care to discuss neuro-anatomy? yeah, this is all you have GARY. Your policies are proven failures as can be seen on a GLOBAL scale, but it takes a TRUE IDIOT to REPEAT the same failed ideology and expect a new outcome, but that’s what you do! KEEP POSTING GARY !!

      By the way, conservatives are also happier (helps to live in reality)

      http://www.pbs.org/newshour/bb/business/july-dec11/makingsense_12-09.html

      Conservatives also donate WAY more time and money to charity. KEEP POSTING GARY!! You are wrong ON EVERY SINGLE ISSUE !

      • Orange Jean

        whoo who! I do agree with you Syrin. According to Gary2 I must be “stupid” because I’m conservative.

        I’m not an MD but I got an MS in a research discipline and in the past 20 yrs have worked mainly as an epidemiologist or statistician (depending on where I was), including advanced SAS programming. I don’t know if any of you are familiar with SAS, but it’s for statistical analysis … and it is certainly not for “dummies”. It requires solid logical thinking and advanced coding, and it is not in the least bit easy to learn. I am doing very well with it, though it has taken me years to get as facile as I currently am. I kind of think of it as my way to ward off dementia, since surely if I was anywhere near as dumb as Gary2 thinks I must be (eh, his logic not mine)… there would be no way I can do my job.

        Oh yeah, and at one point I was a member of Mensa, which requires a high IQ to join. Mine tested out at 160 (the lower end of the genius requirement for joining Mensa). I quite because I thought they were a bit too goofy for my tastes, and I was a bit too geeky to want to go to their meetings. At the time I worked at MIT, and although this was before my college days and I worked as a research secretary there were a lot of people I knew with PhD’s (in chemistry and other “fluffy” topics!) who thought I was as smart as they were. They treated me as an intellectual considered me a peer and actually convinced me I could go to college (despite being dirt poor at the time). Being a single parent I had not thought it would be possible, but I did and did well. Paid for almost entirely by student loans (paid off in 13 yrs) and some part time work.

        SO, Gary2… how do you reconcile that with your “studies” proving we are all dumber than you and your liberal buddies?

        Mind you, I do know some smart people who are liberals… but I think your studies are junk science (and I read the first one you posted a link to, by the way) and I would never be so foolish as to assume intelligence was correlated one way or the other with one’s political leanings.

        Wow, I wonder how that happened?

        • Gary2

          whoo who! I do agree with you Syrin. According to Gary2 I must be “stupid” because I’m conservative

          yep!

  • Syrin

    So what is the solution? Our labor has out priced its productivity meaning the same job can be done for far less over seas. If you owned such a business, you’d be obligated to do the same. Our education is little more than GARY tyoe indoctrination camps, and students are unprepapred to work compared to their Asian counter parts. Not my words, but the words of CEO’s across the country. Our labor force is fgull of GARYS who feel entitled for full partnership starting day one while lacking the essential skills, and have a poor work ethic.

    Want to see the root of the problem? As always, it traces back to liberalism where kids are taught not to work to win, it’s good enough to participate. Kids start failing math and science courses so the soultion? Lower standards and expectations. Push a kid too hard and you get sued. meanwhile REALITY isn’t as kind so the Asian child who actually had to LEARN the math and science, who had to work hard to get his/her grades, and who won awards for accomplishments, not participation is FAR more equipped to work in the real world rather than the liberal fanatsy land our schools have created.

    • Gary2

      yeah those CEO’s are really unbiased. wtf do you think those scum bags will say to try and justify paying ****** low wages.

    • Gay Veteran

      Syrin, get a clue!

      Want to see the root of the problem? As always, it traces back to GREED

  • Syrin

    It doesn’t help that we had Obamugabe pull a trillion dollars out of the economy as a “stimulus” for “shovel ready jobs” to “improve infrastructure” that was little more than a pay off to labor unions. Seems like we could have used those trillion dollars being productive in the economy, but Obama did what he does best. Destroy prosperity.

    Face it. manufacturing jobs aren’t coming back. Plus, look at college graduates and their degrees. Women’s studies, black history, philosophy. Show me how those translate into a well paying job. Show me how those equip people to build a business of their own. We are TEACHING kids to pursue indoctrination programs as colllege degrees! Then we moan about the lack of jobs? That’s a WASTED EDUCATION !! If these kids actually got a physics degree, or a nursing degree, or a medical degree, there would be jobs. This isn’t some external source problem. It’s liberalism indoctrination, and the end results are/were predicatble.

    • Gary2

      we need way more stimulas not less. austerity is not working. britian in a second recession and they did austerity. It failed.

      Good book by Nobel prize winner Paul Krugmann called “Fix This Depression Now”!

      History proves keynasion is correct. Government can spend os out of this republican great recession. Can simply tax the rich and corporations to pay for this new stimulas. Needs to be big like a trillion plus per year.

      • knightowl77

        Only a goof (like you and Joe Biden and Paul Krugman ) thinks that you can spend your way to prosperity….

        Try it Gary…go spend $10,000.00 and see if your not richer when your done…If that works then go spend about $300,000 or $400,000 and see how rich you will be then

    • Gay Veteran

      ***************, a lot of the “stimulus” went to tax cuts

  • MountainHome

    Those left in the middle-class group are the govt. workers, union members and school teachers. So, very few are left from the private sector.

    Great article! Thanks.

  • Pingback: When the Dam Breaks « L.A. Marzulli's Blog

  • Eric

    I’m really getting tired of people being hard on the ows movement. People saying they r lazy. For real? It’s the rest of the Americans that r lazy! This country has been hijacked! Everyone sits back, watches survivor, eating themselves to obesity and poking fun at the people trying to break the chain by working hard at change! Our parents and grandparents would of dropped what they r doing and fought for this nation.

    The country has been taken over by to big to fail! In other words, the 1%. Its fascism! Duh! Right and left work for the 1% not us! Now they want to control the world! The whole world will soon be totally enslaved by them. You all sit back and follow the retoric of the 1% and poke fun at those college kids but I don’t see you doing 1 thing to help your nation! “Ask not what your country can do for you.” “Ask what you can do for your country!”

    • Cinderella Man

      Eric dude theyre not the 99% they are the 53% of lazy bastards that pay no taxes! I sypaththize with their greivences but they are being controlled by the very bastards they rail against. If you look at their aims they say tax the rich but they say nothing about the REAL problem the FED Reserve and the president who is controlled by them!!

  • Eric

    The troops are not in the middle east fighting for your freedom all though they think they r. God bless them. They r really out fighting for the global 1% securing earth’s natural resources. (oil) for their fascious system. Ows is truly fighting for your freedom! You will find out the hard way in due time!!!! We all will!

  • Simon

    I graduated from a top university just after the Collapse of 2008 (Class of ’09). I had already seen the number of customers at my college job go way down in that year. Got my four-year degree, had good grades, good work record. Now I live in south FL and I can’t even get a job in fast food, there is so much competition for minimum-wage jobs. No one wants to hire me to wait tables or bag groceries because I have a prestigious degree. The only thing I got out of college was 10 grand in debt, which is actually quite small (I came from a poor family, so I got a lot of free tuition to bribe me to be part of the university indoctrination). Good thing I defaulted on my loans a year or two ago or I would be in worse trouble. I just throw out all their threatening letters and never answer their calls- my friend told me it would work, and it did. Of course I’m no longer a “good citizen”- I don’t earn money, don’t pay taxes, don’t have health insurance, my credit is horrible, I’ll never buy a home or a new car—but who cares? That lifestyle is bogus.

    I just never dreamed that having a degree from a great university would be a burden, not an asset!

    • Craig

      Simon that is an amazing story. Please hang in there!

  • puzzled

    there will be no deflation. the cost of everything in the U.S. will skyrocket and is doing so weekly. Hyperinflation will rear its ugly head and we will be up-sh*t-creek-without-a-paddle…

  • Snoopy_The_Economist

    Michael,
    I agree with you on most points (as usual) but be careful referencing other articles like the CNBC article stating that “college graduates are more likely to be employed as waiters, waitresses, bartenders and food-service helpers than as engineers, physicists, chemists and mathematicians combined (100,000 versus 90,000). This simply isn’t true. I am an engineer and know of no engineers (intelligent engineers) that are out of work. In fact my son just graduated with a BS in Eng and he had 3 job offers from TOP companies 3 Months before graduation. Liberal arts degrees are worthless today and in teh future.

    Keep up the good work.

  • erheault

    Best bet CYA and start to downsize and get out of debt as soon as possible. The slimeballs in WA are not going to change anything no matter who or what gets elected we are going to have a depression and it will be a doozy when it arives.

  • El Pollo de Oro

    “Free-market capitalism, in the blink of an eye, was gutted and replaced by an oligopoly.”—Gerald Celente

    “These globalists hate humanity and enjoy ugliness and pain and raw power. They love raw power so much.”—Alex Jones

    When free-market capitalism was viciously attacked by globalists, fascists and oligarchs, millions of formerly middle class Americans became the neo-poor. The USA became The Banana Republic of America, and we now have the economy of a Third World country—which means that we can look forward to all of the violence, instability and corruption of a Third World hellhole. Countries that lack a middle class can be extremely dangerous places. Just ask someone who lives in Honduras.

    Take a close look at Ciudad Juarez, Guatemala City or Caracas if you want a glimpse into the BRA’s grim, ugly future. The neo-poor will try to be entrepreneurial in the BRA, but they will try to find their way back to the middle class through illegal activities such as drug trafficking, carjacking and kidnapping.

    “There’s a depression in Spain, a depression in Greece, a depression in Italy, a depression in Ireland, a depression in Romania, a depression in Hungary. There’s a depression in the world. American’s in a depression. There are no jobs being created that can give you a living wage. What comes next? Currency wars.”—Gerald Celente

    “Hey kiddies, keep spending that money in college. Get that degree as an MBA. You too can have a job at Wal-Mart. You too can become a cashier or a clerk.”—Gerald Celente

    “This isn’t communism, as people say. It’s fascism, the merger of state and corporate powers. And we’ve been merged. We’ve been merged with the bailouts. We’ve been merged with the buyouts. We’ve been merged with the rescue plans. This isn’t a free country anymore. And I fear for what is going to happen in the future.”—Gerald Celente

    “Even a dog knows when he’s being kicked, and the middle class in America has been kicked over and over again.”—Alan Grayson

    “The New World Order doesn’t come to steal and rob. It steals and robs to impoverish you, to make you weak so it can enslave you, use you up and ultimately, get away with killing you. This whole global spectrum, world government tentacle system is chains to chain down humanity. An iron curtain of night and totally tyranny is descending upon every nation on Earth right now. The New World Order goes into countries and wrecks the infrastructure and never rebuilds it and brings poverty and mass death. And if you think The New World Order doesn’t plan to do that here, you have another thing coming.”—Alex Jones

    “There are a lot of people in America who are suffering.”–Alan Grayson

    “Next train to Auschwitz, all aboard! Kiss those calories goodbye, because we’re in a fascist state.”—Gerald Celente

    These are incredibly dark times in The Banana Republic of America, collapsing empire of the Third World. And if you think things are bad now, just wait. The worst is yet to come.

    • El Pollo de Oro

      “It is becoming increasingly impossible in America to get a good job without being connected to the system that serves the elites.”—Paul Craig Roberts

      “Los Estados Unidos is turning into a banana republic.”—Gerald Celente

      Gerald Celente tiene razón. De eso no cabe duda: este país se ha convertido en una república banana.

      Bienvenidos al infierno. Bienvenidos a nuestra peor pesadilla. Bienvenidos al tercer mundo.Bienvenidos a la República Banana de América. Aquí, no hay esperanza–solo dolor, sufrimiento y lágrimas.

      In other words, we’re seriously screwed.

    • Old Man

      “When the U.S. dollar becomes the Americana Peso, all will be well.” – Goldman Sacks


      Chair of Congressional Finance Committee: Mr Bernak, the country is in ****** shape and your stupid Fed is largely responsible. What the hell are you going to do?

      Chair of Fed: Our solution is simple. We will replace the Federal Reserve Note by the Americana Peso. One dollar equal 1000 Americana Peso. I can guarantee that all will be well in no time. Certainly after my term expired.

      Chair of Finance: I am relieved. My trust in the Fed is now fully restored. But does that mean I will be re-elected?

  • Craig

    As the middle class is pushed more towards lower middle class and poverty, will they vote democrat or republican? It seems to me you would vote democrat just so you can keep your food stamps coming in. Although I’m extremely conservative, I think the establish republican party will implode. If Romney wins in 2012, they may never win again. All these people are trying to do now is insulte themselves from it with their money. The establishment republicans are part of the elites. They really aren’t trying to change anything for the better, and they haven’t been trying to change anything for decades. They haven’t really tried to stop Mexican immigration–rather they condone it. Well, Mexicans vote for democrats. They haven’t tried to stop free trade–in fact they condone it. Free trade leads to losses of millions of American jobs. The establishment republican party can not go on. They will soon die.

    • Gary2

      The establishment republican party can not go on. They will soon die.

      Good Riddence!

      • Syrin

        Hey MORON, it’s riddance. That’s not a typo. I thought you were the one telling us up above how bright you reghressives are.

        I LOVE the idiocy though. You regressives got an ass kicking in 2010, and that’s just a preview of the MAJOR ass kicking you’ll be getting in 2012. Keep repeating the fanatsy to yourself though. I’m sure that’s what Stalin’s unicorn is whispering in your ear.

      • Kevin2

        Gary2

        Yes good riddance to them and may the labor turncoat democrats follow suit.

        Craig

        “They haven’t tried to stop free trade–in fact they condone it. Free trade leads to losses of millions of American jobs.”

        You did write that accurately because it reflects who signed both NAFTA and China Free Trade into law; Bill Clinton a democrat. He is almost given Sainthood by the Democrat Party Loyalists. OBTW 83% of US Senate Republicans voted for China Free Trade with 80% of US Senate Democrats did the same. President Obama supports and desires to expand Free Trade with South America (Like NAFTA on Steroids) . The democrats had a clean sweep and like the republicans could have redirected the country but their globalist masters desire something else.

        • Craig

          Kevin it was a majority of republicans who voted for the most recent free trade agreements with Korea, Columbia, & Panama. Yes Obambam joined them, but a lot more republicans voted for it than democrats. In fact most democrats oppossed it. It’s the republicans who are pushing free trade just as much, if not more than the democrats.

          • Kevin2

            Craig

            I’ll take your word on that vote. All of those nations combined are less then one provence in China on the damage it does to the US economy. NAFTA hurt, China decimated us and 80% of US Senate Democrats voted for it including the movers and shakers in the party including Biden, Kerry, Edwards and Kennedy.

            All they need is a majority to pass either House. Think those Democrats that voted no or abstained held their moral conviction? They get a pass for re-election. The votes are there and passing is passing. China Free Trade was unusual in that respect. Uncle Sam wanted a mandate.

            You are chasing your tail if your in the Republican verses Democrat debate with global trade. You have no say in the matter and neither did labor in the Socialized Democracies in Europe. The votes will pass. When Democrats are needed they will be there for their yea vote; guaranteed.

            Do you have the final bill number so I can see the vote tally?

          • Gary2

            kevin–bottom line they both suck. At least the dems are sane and can be worked with. By your own numbers the dems also suck less.

  • Washington

    Ron Paul WINNING State Delegate Majorities/Massive Rallies (Feb-Apr 2012)
    http://www.youtube.com/watch?v=mfrNz_2hvvM&feature=youtu.be

  • END the FED

    Story idea

    Unrestricted Warfare: China’s Master Plan to Destroy America , and the International Think Tank Operatives that align with these Concepts that will bring about a Globalization of resources and control of them away from the private sector economic structure we currently have , all in the name of Saving Earth from the destruction of a Overpopulation of Mankind . “Seven big problems for 7 billion people. Experts weigh in on predicaments caused by a burgeoning world population , but are they experts or just 21st Century Marxists”?
    http://www.msnbc.msn.com/id/44990504/ns/us_news-life/
    Paul Ehrlich on depopulation: ‘We’re going to go over the top’ – audio
    http://www.guardian.co.uk/environment/audio/2012/apr/26/paul-ehrlich-depopulation-audio

    http://www.guardian.co.uk/environment/2011/nov/01/peak-stuff-message-green-technology?INTCMP=ILCNETTXT3487

    http://www.guardian.co.uk/environment/2012/apr/26/world-population-resources-paul-ehrlich

    http://www.guardian.co.uk/environment/audio/2012/apr/26/audio-population-john-sulston?INTCMP=ILCNETTXT3487

    http://www.guardian.co.uk/environment/2012/apr/26/earth-population-consumption-disasters

    http://www.guardian.co.uk/environment/blog/2012/apr/26/royal-society-report-consumption-population

    the question now becomes what is it We the People of the USA are Up against ?

    http://en.wikipedia.org/wiki/Unrestricted_Warfare
    http://www.amazon.com/gp/product/0971680728/ref=as_li_tf_tl?ie=UTF8&tag=thereimassalalf&linkCode=as2&camp=1789&creative=9325&creativeASIN=0971680728
    http://www.scribd.com/doc/49964202/Unrestricted-Warfare-China-s-Master-Plan-to-Destroy-America
    Here is an excerpt from Unrestricted Warfare:

    “Whether it be the intrusions of hackers, a major explosion at the World Trade Center, or a bombing attack by bin Laden, all of these greatly exceed the frequency bandwidths understood by the American military…”

    Surprisingly, Osama bin Laden is mentioned frequently in this book.

    Then while our National Security is being Challenged we also are Financially being manipulated with a UNFAIR Trade Policy that NEVER balances because of Chinas long time Currency manipulation strategy thats made the USA and Europe TOTALLY DEPENDENT on China for Vital Human supplies !!!!

    Watch this Video and ask yourself why would We the People of a Constitution thats Reads ” Independence is the Sustaining force of Human Liberty ” Instead we listened to Politicians that said in the 1990′s and 2000′s ‘ We can Get our Supplies from China because its Cheaper than what we can do it for ” , but what is Not considered in this Logic is the LOSS of self reliance and the Independence that comes with that and its ability to keep a Foreign Supplier from Using this Dependence against We the people who are dependent on this foreign supplier by this giving up our Freedom of Self reliance thats gained by supplying a balanced amount of our own Needs , this is whats wrong with our Economy today and will be the End of Liberty and Justice as the USA Financial system Burns down to the ground with a lack of overall supply and unmanageable Inflation from that lack of supply as the China cuts us off because they don’t want to hold dollars anymore !!!! And should these guys be participating in a financial strategy that is going to destroy the USA Dollar and the National Security of the USA ? http://finance.moneyandmarkets.com/reports/RWR/DEC-VSP/dec-vsp-49.php?ccode=campaigncode&em=x@x.com&sc=MNEWS&ec=4911111&p=2

  • http://worldendsat5newsat11.blogspot.com Roberta Lamb

    I tried to talk to my 36 year old daughter about preparing and she shut me down in a hurry and refused to even talk about it, so I shut up. She has a 4 year old boy. My 28 year old son in Calif. disowned me and will NOT even remotely consider that the economy could collapse, he has 3 children and my other son (35 years old) who now lives in Nevada will talk to me about preping BUT refuses to buy even ONE 20 lb. bag of rice and he has 4 kids. NO matter the evidence they refuse to even remotely consider the possibility of a economic collapse.
    To find help preparing for economic collapse go to:
    http://surviving12-21-2012.blogspot.com

    • Michael

      My hope is that as things fall apart it will cause a lot of those “seeds” that we have planted in the lives of family and friends to bear fruit.

      Michael

    • Gary2

      kina makes one wonder about your parenting skills if you are disowned. The friut does not fall far from the tree.

      • Syrin

        So you are telling us that your parents are bitter hateful people who are jealous of those who have succeeded, don’t believe in work or charity, AND think the way to success is to drag others down while forcibly stealing their property? Wow, no wonder you’re such a piece of ****.

        Hey HARY, did you see this new study (BWHAHAHAHAHAH, you reading studies? Couldn’t help myself)

        “Every year for the past 40, the states without income taxes had faster output growth (measured on a decadal basis) than the states with the highest income taxes. In 1980, for example, there were 10 zero-income-tax states. Over the decade leading up to 1980, those states grew 32.3 percentage points faster than the 10 states with the highest tax rates. Job growth was also much higher in the zero-tax states. The states with the nine highest income tax rates had no net job growth at all, and seven of those nine managed to lose jobs.”

        Imagine that!

        • Gay Veteran

          eyeroll, I’d rather live in Maryland (with an income tax) than my birthplace in Tennessee (no income tax)

          • Mal R.

            But you’ll sure as hell die trying to turn Tenn into Maryland wont you. One big ol amorphous, fascist blob.

      • Rodster

        I bet Jerry Springer is your father. :)

        • Gay Veteran

          Mal, you are truly delusional if you think Maryland (which has a history of religious freedom for Catholics) is fascist

      • Mal R.

        So your parents are b.a.t.s.h.!.t insane too? Full of cognitive dissonance, double standards, and half-wit ideas.

        • Gay Veteran

          no Mal, my parents weren’t right-wing fundamentalists

    • Old Man

      Don’t fight the Gen X. They are dumber than the dumb – and that’s a scientific conclusion from many population studies.

      It’s call the turkey syndrome. The turkey is absolutely convinced, from 360 days of continuous observation, that things are just fine and there is no danger. Then Thanksgiving Day arrives and they can’t find their heads.

    • K

      Dear Lady, your children are in denial. No amount of facts or argument will make any difference. Do what you can do, to prepare for your own needs. If you can afford to, lay in some extra supplies. Then do what I have done. Let them know they are always welcome, at your place. You may not be able to do much, but that they are always welcome. Good Luck

    • mark

      We bought our daughter a years supply and a grain grinder for Christmas last year. At least we know they have some food if things get real bad.

  • DOD

    The middle class is harder to control for the elite. Poor people are easy to control because they have little power. See ya at a FEMA camp.

    • Alvin

      Awhile back a saw a list of potential “detention” camps, one was in Hawaii, think I’ll get my early reservation in.

  • Old Man

    95% job loss is in middle class?

    Of course!

    It is the middle class who borrowed trillions of dollar from the rich class and big corporations – their deposits in the banks.

    The rich ‘invested’ their wealth into the middle class as credit. The middle class ‘invested’ their debt in good times, billions of cool stuff and fancy housing. Now they can’t repay and go bust. The rich still has tons of cash even after taking the hit. The banks got bailed out.

    99% fools!!!

    As the middle class now sits unemployed with lots of time to reflect, my advise is: Next time you want the good time, pay for it with your own cash.

  • Antonio Gonzalez

    ” and the cost of living continues to rise at a very brisk pace”.

    ” NO matter the evidence they refuse to even remotely consider the possibility of a economic collapse”.

    Hyperinflation will be the only way, it’s why they are printing and printing.

  • markthetruth

    to: MAL R.

    a photon has a rest mass of zero. you need energy to propel a proton (PET) this is not true antimatter.

  • Washington

    Bloomberg News Obama Order Urges Rule Review to Boost U.S. Company Trade By Andrew Zajac on May 01, 2012
    http://www.businessweek.com/news/2012-05-01/obama-order-urges-rule-review-to-boost-u-dot-s-dot-company-trade

  • joe
  • Paul

    “#4 human bodies are approx. 70% water the more humans less water. (Water shortage)”

    How about the oceans? They contain much more water than salt and rubbish, for example.

    To separate water from salt is quite easy: heat the water. For example by the sun?

    Then you can sell the water and the salt separately.

  • http://www.infowars.com/ Anon

    INFLATION GONE WILD: Look How Much Cheaper Everything Used To Be
    http://www.businessinsider.com/how-much-cheaper-everything-used-to-be-2012-4?op=1

    A MUST READ ARTICLE: The Silver Bullet and The Silver Shield: http://dont-tread-on.me/?p=425
    A MUST WATCH INTERVIEW: Crash JP Morgan – Buy Silver – (Max Keiser Interviews Alex Jones)
    http://www.youtube.com/watch?v=wN0rcNJXFfI

  • http://itsafluffy.blogspot.com DL

    Somehow (seeing as how we built our own house, our own furniture, our own garden, etc.–and we did it when income was about 20K a year!) I can’t sympathize too much with so-called middle class folks making 50-200K a year who bought minimansions they couldn’t afford, Hummers and the like, who live in denial (and will “hold their noses” and vote for Obama or Romney because “Ron Paul can’t win”…) and believe truth is “conspiracy theory”…

    Like I always say on here: we will get what we deserve.

    • Kevin2

      DL

      There is a lot of truth in what you wrote.

  • Evie

    Theft of the people devaluation of currency etc. frontline line on tuesday told how al did a utility bond with wall street. Told them they would save money but it turned out to be a preditory loan. The taxpayers of course get stuck with the bill while the politicans blame union pensions. Utilities ate being sold to foreign countries. Wow imagine going to a community well to line up for your daily needs because some politicans and elite want to be wealthy from your water rights.

  • Evie

    Doesnt symphatize with the mcmansion buyer. 50% of people who bought homes under bushes speculativr housing bubble purchased them to flip. I do not symphatize with banks who made poor credit risks and they should have to write them off and liquidate them immediately. No welfare from the taxpayers.

  • markthetruth

    To Paul

    It’s called Desalinization

    You can not boil salt out of water as salt has a higher boiling point , And either can the sun or the ocean would already been fresh water by now.

    • Kevin2

      markthetruth

      “You can not boil salt out of water as salt has a higher boiling point”

      But you can evaporate pure water from salt water. Nature has been doing it since time began. Ships have been doing it since steam power replaced sail.

      Paul

      “To separate water from salt is quite easy: heat the water. For example by the sun?”

      India recovered salt by that process. Recovering the salt is not “easy” in a large scale application but economically viable relative to other salt sources. Recovering the pure water is only “easy” in technology. The overall effort is quire daunting especially using the sun.

      An RO Water Treatment system is far better and more economical unless labor was extremely cheap.

    • Gary2

      maybe he was thinking that you can evaporate the salt out of the water. This is why rain water is not salty when it rains even right next to the ocean.

  • William ONeill

    This blame game is interesting but the System of how the ruling classes distributed wealth is the same old process and in US the upper 3% owned and control 90% of the wealth and therefore the labor of the humans that live in it!In the latter what interesting is how they obtain the Federal Legislation to gain control over the Material wealth and the 97% of human labor.I study the last 40 years of Federal legislation and it clear to me that THE REPUB’s party has been the most sucessful in getting Legislation pass that took control over the Labor and therefore the wealth of the working 97% labor force and controlled to whole material life and thought patterns.They stop the REAL COL of living indexing in the 80′s the low balled price of produces that went up taken almost 75% off their REAL COL value therefore destorying all working classes wages and benefits cost, giving the ruling classes enslaved cheap labor and Massive profits and family wealth building among the upper 3%.In 1980 the upper 3% had 8 trillion dollars of control wealth today they have over 40 TRILLION dollars while the rest of the other 97% are in massive debt along with most State and Federal government.

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  • RestoreUSmfg

    These so-called “free trade agreements” have to go. It was obvious when they were passing these agreements as to what was going to happen and sure enough it did. Our leaders had to have known this as well when they were passing these bills. It’s just common sense. Our government, who is supposed to represent the American people, has to help even the playing field by adding tariffs that are proportionate to the inequities in wages and regulations in the country where the goods were produced and or where we’re importing them from. We could then use the money raised by these tariffs to help companies build state of the art manufacturing plants here in the USA, which would create more jobs here at home for US citizens, which would then in turn increase our income tax revenue.

    We also need to bring customer support services back to the United States of America and staff them with employees who are US Citizens.

    Most US Citizens are not as concerned about the “Global Economy” as they are about being able to earn a living, their children’s future and the future of our country.

    We may have to pay a bit more for products made here in the USA by US citizens, but at least we’ll still have jobs and a future for our children.

  • Whisperingsage

    I am a Licensed Practical Nurse, I had heard and read of rumors of the industry eliminating that class of nurses and relying entirely on CNA’s and RN’s for years. Well, the recession made this happen. In 2008, my boss at a nursing home in NV, had a meeting with us and told us they had attended a meeting and shared that they knew a recession was coming- that was 2008, there soon was a huge market crash and nurses lost their retirement savings in the market. Soon, my 27 patient load went up to 52 patients. This is no big deal on night shift when most everyone is asleep, but on day shift a nurse has an average of ten meds per patient to pass, 2-4 times per day depending on the patient. In addition, we have often 4-10 patients that need blood glucose testing 3-4 times per day and insulin injections for those. Then you have wound care and monitoring, charting, Shall I go on? We often have to stay over to chart properly and legally, and in the time we went to this load and were told the owners couldn’t pay overtime, we either stayed for free to chart (I did) or left at the appointed time and let the charting go. In addition, the Medicare inspectors had pressured this facility to become “no restraint ” facility, and our falls increased many fold- we would have an average of 2-4 falls per day that we never had before. There is another ream of paperwork. And time. And finally since this jobsite was 60 miles away for me, i tried to do 2 16 hour days in a row, but my hours were cut to 8 hrs, one day a week, and so my job wasn’t worth the drive. I have been unemployed since then. Only if I complete my much wanted RN training (one semester, no money) can I try to rejoin the workforce. There just are no LPN jobs out there anymore.

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