The Beginning Of The End
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Median Household Income Has Fallen For FIVE YEARS IN A ROW

Five - Photo by woodley wonderworksIf the economy is getting better, then why do incomes keep falling?  According to a shocking new report that was just released by the U.S. Census Bureau, median household income (adjusted for inflation) has declined for five years in a row.  This has happened even though the federal government has been borrowing and spending money at an unprecedented rate and the Federal Reserve has been on the most reckless money printing spree in U.S. history.  Despite all of the "emergency measures" that have been taken to "stimulate the economy", things just continue to get worse for average American families.  Americans are working harder than ever, but their paychecks are not reflecting that.  Meanwhile, the cost of everything just keeps going up.  The Federal Reserve insists that inflation is "low", but anyone that goes grocery shopping or that stops at a gas station knows that is a lie.  In fact, if inflation was calculated the exact same way that it was calculated back in 1980, the inflation rate would be somewhere between 8 and 10 percent right now.  Paychecks are being stretched more than ever before, and that is probably the reason why about three-fourths of the entire country is living paycheck to paycheck at this point.

According to the Census report, the high point for median household income in the United States was back in 1999 ($56,080).  It almost got back to that level in 2007 ($55,627), but ever since then there has been a steady decline.  The following figures come directly from the report, and as you can see, median household income has fallen every single year for the past five years...

2007: $55,627

2008: $53,644

2009: $53,285

2010: $51,892

2011: $51,100

2012: $51,017

How far does that number have to go down before we admit that we have a major problem on our hands?

The new Census report also revealed that 46.5 million Americans are living in poverty.  As CNSNews.com noted, this is far higher than when Barack Obama first entered the White House...

During the four years that marked President Barack Obama’s first term in office, the real median income of American households dropped by $2,627 and the number of people on poverty increased by approximately 6,667,000, according to data released today by the Census Bureau.

So why does Obama continue to insist that things are getting better?

Right now, one out of every five households in the United States is on food stamps.

One out of every five.

How bad does it have to get before we acknowledge that what we are doing economically is not working.

Will half of us eventually end up on food stamps?

In addition, the new Census report also says that 48 million Americans are currently without any kind of health insurance whatsoever.

The biggest culprit for this is the stunning decline of employment-based health insurance.  Back in 1999, 64.1 percent of all Americans were covered by employment-based health insurance.  Today, only 54.9 percent are covered by employment-based health insurance.

And of course as I noted yesterday, even more companies are going to be dumping health insurance plans because of Obamacare.

All in all, what we have been witnessing over the past decade and a half is the systematic evisceration of the middle class.

After accounting for inflation, right now 40 percent of all U.S. workers are making less than what a full-time minimum wage worker made back in 1968.

Over the years, our incomes have certainly gone up, but inflation has increased even faster.

Back when I was growing up, $50,000 a year sounded like a whole lot of money.  I thought that anyone should be able to live a very comfortable lifestyle on that amount of money.

Unfortunately, $50,000 a year doesn't go nearly as far as it once did.

If you take the current median household income ($51,017) and divide it up by 12 months, it comes to just a little bit more than $4000 a month.

And as I noted last year, it is not easy for the average American family to do everything that it needs to do on $4000 a month...

So can an average family of four people make it on just $4000 a month?

Well, first of all you have got to take out taxes.  After accounting for all forms of taxation you will be lucky if you have $3000 remaining.

With that $3000, you have to pay for all of the following...

*Housing

*Power

*Water

*Food

*Phone

*Internet

*At Least One Vehicle

*Gasoline

*Vehicle Repairs

*Car Insurance

*Health Insurance

*Dental Bills

*Home Or Rental Insurance

*Life Insurance

*Student Loan Debt Payments

*Credit Card Payments

*Furniture

*Clothing

*Pets

*Entertainment (although it is hard to imagine any money will be left for that)

Have I left anything out?

The truth is that $3000 does not go as far as it used to.

No wonder American families are feeling so stretched financially these days.

The new Census report also noted that the gap between the wealthiest Americans and the rest of us continues to grow.  There is certainly nothing wrong with making money, but if the economy was working properly all Americans should be able to have the opportunity to better themselves.

According to CNBC, the 400 wealthiest Americans now have more money than the poorest 50 percent of all Americans combined.

So why is this happening?  Well, certainly there are a lot of reasons, but in recent years quantitative easing has definitely played a role.  As I noted in my recent article about the Federal Reserve, quantitative easing has been incredibly good for those with stocks and other forms of financial investments.  All of that liquidity has juiced the financial markets, and the extremely wealthy have been loving it.

Meanwhile, things just continue to get even tougher for most of the rest of the American people, and the frightening thing is that the next major wave of the economic collapse has not even hit us yet.

How bad will things be for average American families once that happens?

And there are certainly lots of troubling signs as we get ready to head into the fall season...

-Total mortgage activity has dropped to the lowest level that we have seen since October 2008.

-One of the largest furniture manufacturers in America was just forced into bankruptcy.

-According to the Wall Street Journal, the 2013 holiday shopping season is already being projected to be the worst that we have seen since 2009.

Hopefully the slow and steady economic decline that we have been experiencing will not accelerate into a full-blown avalanche any time soon.

But I would definitely get prepared just in case.

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  • Rodster

    This has been going on since the 60′s and the Great Society just piled on. Entitlements allowed the US Govt to become a Leviathan Monster. As the Govt grew so did more entitlements.

    As the entitlements grew so did the bureaucracy. I read that there are some doctors out in Missouri who just take cash. They charge 30% in cash what it would take if medicare or medicaid was involved.

    Think about that, it means that roughly 70% of your medical bills are due to Govt bureaucracy. Unfortunately this is how Empires decline and finally collapse. We are no different than the Romans but our Politicians have too much hubris to think we are the exception. ;)

    • Adrian

      The Great Society was supposed to reduce poverty, then Vietnam put an end to that. Actually, the main reason your medical bills are so high is because it is a for-profit system!! Thus, there are insurance companies who need to make a profit before your health comes into play. There are pharmaceutical companies who also need to make a profit. In Canada and Western Europe, the profit motive is removed. They spend 1/3 of what we do on medical expenses and they are more healthy. Infant mortality is lower, longevity is higher.

      • Rodster

        I disagree because if that were the case you wouldn’t have doctors bucking the system and offering medical services at 70% off.

        But you fell into the trap in that Govt is the PROBLEM with all it’s bureaucracy and along with it all those lovely regulations. Guess who pays for that? Not the doctor’s, the hospital, not the pharmaceutical companies. No it’s you and I and everyone else. They don’t foot the bill it’s passed on to the patient.

        It’s like all those added taxes to your land line and cellphone bills. Govt passed on the cost with their regulations to the companies and they passed it on to the consumers.

        As you mentioned Europe sure OK but look at all the taxes piled on including VAT. Someone has to pay for that 1/3 the price of medicine. It’s the consumer over there as well. I guess if one is a Govt person then I guess all is well and it’s those evil rich people.

        • Adrian

          One reason doctors are doing that is because the bureaucratic red tape in dealing with the private insurance industry is so mind numbing. Most docs would prefer to deal with Medicare patients instead of having to run to get permission from for-profit corporate entities whose only interest is making money, not the patient’s health. That’s why for-profit companies have NO business anywhere near healthcare. Unfortunately Americans haven’t figured that out yet, and fall victim to the propaganda portraying our corrupt system as the best there is.

          • Rodster

            BS !

            Medicare and Medicaid has always been and will always be about Red Tape. It’s layers upon layers of bureaucracy that was purposely created by the Govt and for the Govt. It’s an industry onto it’s self much like the Military Industrial Complex with the TSA/NSA/FBI/CIA etc etc.

            No sane doctor if given the choice would go nowhere near medicare or medicaid. That’s why in my business I don’t deal with insurance companies and it’s for the same reason, Red Tape.

            The bureaucracy that Medicare and Medicaid created served it’s intended purpose upon it’s creation. Which was Govt control, shift the wealth, taxes and a further creation of the Public Sector.

            And that’s the same idea behind Obamacare.

            How you shifted the blame to Vietnam for the Govt waste, bloat and bureaucracy of the Great Society is beyond me.

          • Gay Veteran

            gee, how many $100 of BILLIONS were wasted during Vietnam?

        • Gay Veteran

          one of the big problems is the monopolistic practices of the sick care industry

    • Gay Veteran

      a lot of that 70% is due to insurance company bureaucrarcy and greed

  • Adrian

    Now here comes the cascade of posters who do not understand why this is so, and will try to blame the government. What they don’t, and should, know is this situation has a political cause, and that comes from massive FEREGULATION of government, tax cuts for the rich, transferring wealth from the middle to the upper classes, and the concept of privatizing government so that private companies can make trillions by raiding the public sector. They already have done this overseas for decades, now their greed mandates they do it here in the US. Don’t worry, the average American is a boob and has no idea that as he puts on his tea party hat with produce dangling from it, he is supporting the very corporations who are reducing his standard of living, and opposes the only entity capable of checking corporate power, namely the federal government.

    • Rodster

      What you fail to realize is that for decades the corporations have been running the govt not the other way around. Have you heard of Jeffrey Immelt? You know the GE CEO who also happens to work for Obama. You just like Gary fall for the same Red vs Blue, Repub vs Dems, Occupy Wall Street vs Tea Party.

      Here’s a hint Adrian. The two parties are one and the same. You are being played for good cop vs bad cop. We are in a post constitutional republic. We are now operating under a merger of govt and corporations. This happens when the Govt gets too large and allows corporations to pull it’s strings. Most if not all of your lobbyists are ex federal employees.

      • Adrian

        I don’t fail to realize that, I’m well aware of it. I know there is not a snowball’s chance in hell of the government working for the people anymore. We have fascism light, a total and complete merger of corporate with the state. It’s getting to be more brutal with each passing year. You know as well as I the DHS procuring billions of HP rounds, the MRAPS, the militarization of the police, and the elimination of the 1st, 4th, and 8th amendments. I completely agree that we have one party with 2 factions. You’re preaching to the choir here.

        • John W.

          I bet you have voted a hard left ticket your whole life. You have gotten what you voted for. When Robert Rubin was made treasury secretary by Clinton that was the start of the insiders running things. The dolts that vote in those who are bought and paid for election after election is what happens when free stuff is given out.

          • Adrian

            Funny you cite Clinton and Rubin as being ‘hard left’. Clinton destroyed the welfare system, gave us NAFTA, and the repeal of Glass-Steagall. The mass deregulation of investment banks was what led to the 2008 economic crisis, and both Bush and Obama forked over trillions of taxpayer dollars to keep our ‘capitalist’ system afloat, despite how it totally destroyed itself. Your inability to recognize the new paradigm is tragic. We don’t have two parties, but one corporate party. There is no left anymore in this country, no party to advocate unions and social spending. Instead, it has been absorbed by the corporate party, which the GOP was for some time now. BTW, I don’t vote anymore, as I refuse to participate in a phony, rigged sham, and I have more self-respect than that.

          • Rodster

            And there you go, a merger between Corporations and the State. It’s the corps who are running the show not the Govt. The politicians are just puppets in the grand scheme of things. To anyone to blame Bush Sr., Clinton, GWB, or Obama would be missing the point.

            They are all playing for the same Coach and serve the same team i.e. the “US Conglomerate Multinational Corporations”.

          • energizedmortal

            The revolution will not be televised. Destroying whoever is running the show will be easy. Reconstruction takes more time.

          • Gay Veteran

            I think you two agree more than disagree.
            Remember, the merger of state AND corporate power is called FASCISM

          • Gay Veteran

            AGREED

        • Gay Veteran

          we have fascism behind a clown’s mask

          • Adrian

            Well now they’re being so bold as to consider removing the mask.

    • GSOB

      Yes indeed,

      That makes you and us scholars

      ‘Manufacturing and commercial monopolies owe their origin not to a tendency imminent in a capitalist economy but to governmental interventionist policy directed against
      free trade and laissez faire.’

      – Ludwig Mises

      • Gay Veteran

        he got that partly right, because capitalism does naturally result in monopolies (see the Gilded Age when government was weak)

    • Gay Veteran

      agreed

  • A D

    The majority on Oboma programs, FREE cell-phones, welfare, foodstamps, HUD, rewarding illegals with FREE citizenship & college educations. 100% CHINESE imports from Wall-Mart, 60%+ on FREEBIES paid for by taxpayers.

    • Adrian

      You forgot to mention a $ 12 trillion bailout to the deregulated banks that started this mess in the first place.

      • A D

        Wall_Mart is subsidized by taxpayers, the biggest sham on earth. 60%+ of their money is from taxpayers.

        • Jim Davis

          How do you figure? People go into WalMart and spend their own money voluntarily.

          100% of government’s money is from the taxpayers. All of it taken involuntarily at the point of a gun.

          • Gay Veteran

            Wal-Mart employees on food stamps, Medicaid, etc.

          • Jim Davis

            So Wal-Mart forced the government to give these things to people?

          • Gay Veteran

            no, Wal-Mart is just using this form of corporate welfare to increase their profits with low wages

  • A D

    Revelation 6:6 And I heard a voice in the midst of the four living creatures saying, “A quart[a] of wheat for a denarius,[b] and three quarts of barley for a denarius; and do not harm the oil and the wine.”

    • GSOB

      please… don’t tempt me.

  • markthetruth

    It’s Still Summer Last i Checked ? but why are they Advertising Christmas Already it’s not even Halloween yet. But their bringing back LayAway anything to get you to buy on time and Count it as a Sale. Why don’t they let us take it home and use it and if we can’t afford it return it. And just right it off so it don’t affect the Stock Price.

    Merry Xmas

    the end…

    • Jim Davis

      People have maxed out their credit cards so they had to bring back layaway.

      Happy Kwanza

      the end is a new beginning…

      • squashpants

        To me, using your credit cards to finance a lifestyle beyond your means is a duh practice. You really have to be stupid or oblivious to take that course. It is a fool’s game. Why can’t people see this. We have one credit card, and it is at a zero balance. We keep it in case we have an emergency high-dollar need, and no, I am not talking about a 50″ flat screen TV.

    • Rodster

      Christmas drives the economy. I read recently that Christmas sales are expected to start much earlier as retailers are nervous about the holidays.

      • markthetruth

        It makes people buy stuff that are hype fad items things that are a waste of money in lieu of necessities !

        the end…

        • Jodi

          For the past couple of years I’ve bought gifts that were necessities. Something useful for the economic collapse. It gets funny looks but they will appreciate it some day.

          • kathy k

            Jodi I have done the same thing & I get funny looks too.

      • MichaelfromTheEconomicCollapse

        I am definitely not ready for Christmas commercials.

        Michael

        • markthetruth

          Well they have a new commercial out. How Americans have no Clue what QE is What !!! We been told it’s the backstop for any stock Fall and investors should jump in and they did and the markets are sky high, now their trying to convince us that the feds taper of QE will have no effect on the market . I guess they think we are dumb and stupid . If you inflate the tire to drive it’s fine and if you flatting it the car drive fine too.

          the end…

    • Tobias Smith

      you mean xmas of 2014

      • markthetruth

        Yep ! although Big Ben already gave the Wall Street and the 1% their Presents already. The rest of us have to wait !!!

        the end…

      • Hammerstrike

        CHRISTmas,

        Not happy holiday.

        • Gay Veteran

          god forbid anyone wish you happy holidayS

          • Hammerstrike

            It is certainly something my christian comrades have more reasons to be happy about.

          • Gay Veteran

            you do realize that Happy HolidayS includes Christmas and New Years

    • stingray

      i agree with you

    • Jodi

      Good grief, Costco already has a full line of Christmas stuff & Sam’s Club is preparing now too. I don’t even want to think about it.

    • Peace Angel

      One in four Americans depend on the retail industry to live.

  • K

    I would not be surprised if the numbers are not worse. After all, these numbers are all produced by Government agencies. What I am aware of, is every person I know, who had to switch jobs in the last five years took a pay cut. The smallest cut among my friends was 10%, the average was closer to 18%. No we are heading down a bad road, and we are past the point of no return. This economy is so fragile, the trucker strike in Oct. may have more affect than they think.

    • Tim

      Yeah, I believe we passed the point of no return quite some time ago. But making the changes necessary to get this nation onto a sustainable fiscal path would plunge us into the Dark Ages. So the status quo will continue in Washington, and things will gradually get worse. And then the geniuses on Capitol Hill will one day wake up and say to the American people “We’re bankrupt. Nobody could have seen this coming. We don’t know what to do. We’re going on recess for the next five years, and hopefully we’ll have a plan when we get back. But our first order of business when Congress resumes will be to pass a budget since we haven’t had one in 10 years. Oh, we forgot, we don’t have any money.”

      • Rodster

        That’s what happens to all Empires when they are in decline and finally collapse. I say “Let them eat Cake”!

      • DW

        While i agree this will likely be the case, Dark Ages or not, the collapse will happen. Why not admit it early so we can start rebuilding early?

        • Tim

          That’s my point. There is no political will in Washington to do what is necessary to avoid the coming catastrophe.

      • John W.

        Only since Obama has been president has there been no budget. Bush and Clinton both had budgets that were approved. So stop lying.

      • MeMadMax

        Dark ages?
        What kind of cuts are you thinking? If it’s energy subsidies, housing subsidies, etc, ur barking up the wrong tree.
        Medicare, and SS suck up almost every single dollar the gov takes in on taxes.

        These have to go.

        This economy and country as a whole were not designed with social programs in mind.

        Get rid of the programs or else fundamentally change the country.

        • Tim

          Bingo. The social insurance program are bankrupting this nation. But I don’t think any politician in Washington is willing to touch those programs. The federal government and the media point to the fact that the federal budget deficit this year will be under $1 trillion as proof that the economy is improving. It’s not. As Baby Boomers continue to retire it will put pressure on these programs and our budget problems will worsen. If you think a $1 trillion annual deficit is bad, wait until it’s $2 trillion. It’s coming.

        • Gay Veteran

          we can afford Social Security, but NOT Medicare and the bloated Pentagon budget

          • MeMadMax

            The military budget is already at all time lows. It happens everytime a Dem is president. But nevermind that. All those cuts from the military went straight back into social programs resulting in a net gain in debt…………

          • Gay Veteran

            oh lordy, the Pentagon budget is all time lows!
            yeah, and it needs to be cut 50%. that way there won’t be any Navy ships near Syria about to start WWIII

          • MeMadMax

            Yep, YoY it is at all time lows…
            And navy ships don’t start wars, people like obama do. It’s the same thing as the old saying “Guns don’t kill people”…..

          • Gay Veteran

            psychopaths like Obama and Bush

      • clementinesalmassi321

        my Aunty Peyton got a year old Audi RS 5 Convertible by working from
        the internet. he said J­a­m­2­0­.­ℂ­o­m

    • markohio

      Very true about the trucker strike. If even its only 10-15% of the truckers. Few realize how truly a great impact that would be on the store shelves for an example.

  • A D

    Oboma is using race warfare to divide the nation, along with the fact his father was a communist as he is. The USA is hanging by a thread until the powers behind the scenes decide it is time to end the dollar.

    • Rene Girrard

      Who is his father?

      • GSOB

        God of all creation

    • Hammerstrike

      No, that would implie that Whites gets upset and opposes him, which they don´t.

      They just keep nodding as they get turkey-slapped.

      What they need is loose things like the superbowl, american idol, MTV and so forth Before they begin contemplating doing just that.

  • Jim Davis

    As I’ve said before, there is no need to wait for “the collapse”. It’s here. It’s been going on for decades. The elimination of the middle class IS the collapse, albeit a long slow one.

    • Rodster

      The collapse has been going on for sometime now but what you are witnessing is nothing but a slow simmer. When the real SHTF it’s going to be a major fireworks show. It’s going to make 2008 look like good times.

      • Gay Veteran

        like the Titanic, at first no one realized the ship was sinking, then the pace accelerated

  • Sack man

    It’s been a while since I posted. Is the collapse here yet? My stock portfolio has gone even higher. More people I know continuing to get decent jobs. Gold back under $1300. Bond yields creeping lower again. War averted. Doom has been postponed again. Indefinitely.

    • Das

      So why do you waste your time reading and posting at this site?

    • Tobias Smith

      LMAO

    • GSOB

      Government cannot make man richer, but it can make him poorer. –
      Ludwig von Mises

    • Gay Veteran

      troll

  • markohio

    Actually, I think the next major wave has started. There has just been several ” distractions ” though. The threat of a government shutdown is back up and running. Finger pointing is running amuck. And, the cost of everything is slowly rising. Of course, as Michael pointed out, the paycheck is not. Did I mention taxes are going up? Oh how the paychecks are about to really shrink here in a few months. Glad I live a ” within the paycheck means ” kind of life. Its not fun or glamorous, but just grateful I can.

  • Tobias Smith

    thanks gary!

  • rosa

    I see lot of people refilling the water at disney world ,not to mention stores are placing christmas merchandise already on the shelves.

  • El Pollo de Oro

    During a conversation on prepping, someone recently said to me, “If things get half as bad as these preppers think they will, I don’t want to be alive.” So, how bad will things will get? Real unemployment is already at Great Depression levels (John Williams’ Shadow Statistics contradicts the BLS’ bogus figures), but when this depression deepens, I think we’ll be looking at 50% or 60% unemployment easily.

    • El Pollo de Oro

      Some important insights on the downfall of The Banana Republic of America:

      “Our country’s vital signs are tanking—not just from the monetary area, but from a liberty standpoint as well. We are going down the path that other failed governments and institutions have gone down historically, and I don’t see it turning around.” —The Patriot Nurse

      “We’re in a very bad position. We’re on the brink of economic collapse globally.”—Joni Mitchell

      “Egypt offers a window into the coming dystopia. The wars of survival will mark the final stage of human habitation of the planet. And if you want to know what they will look like, visit any city morgue in Cairo.”—Chris Hedges

      “After 9/11, they lowered interest rates to 46-year lows. That’s what created the housing bubble and all of the other bubbles that went along with it. Then, when they started raising interest rates later in the 2000s in 2005, 2006, you started seeing the housing bubble bursting. And now, the only thing that’s keeping this so-called recovery alive is the trillions of dollars—that’s right, trillions—that the Federal Reserve is dumping into the system and the near-zero interest rates. When interest rates go up, the economy goes down.”—Gerald Celente

      “We didn’t get libertarian nirvana. We got crony capitalism.” —Dr. Paul Craig Roberts

      “You have approximately 80% of the American population facing poverty and joblessness. 80%. Not 20%, not 35%, 80%. You see, that is terminal to a culture. You can’t have that.”—Jeff Rense

    • squashpants

      That, of course, is the $64,000 question: just how bad will it get. Some preppers I read say it will be back to the Stone Age; others say TPTB won’t allow things to get that bad. For instance, that we will still have electricity, but it won’t be as reliable as it was before. I say that if you can no longer pay people for the work they do, then you can kiss any modern conveniences goodbye.

      • El Pollo de Oro

        Squashpants: I think the scenario you described (that we’ll still in have electricity, but it won’t be as reliable) is what we’ll be looking at. Some preppers think we’re going into a total Mad Max scenario. Blake Sawyer of EscapetheUSA dot com believes that “95% of the people in the
        United States who are alive today that stay here will be dead in the next five
        to 15 years.” And I thought I was a pessimist! Myself, I see the BRA becoming more and more like a Latin American country, where you’ll still have an affluent class but most people will be dirt poor.

        • Gay Veteran

          think Argentina

          • El Pollo de Oro

            Gay Veteran: Very good point about Argentina. They were one of the most developed countries in South America before their big crash. I knew argentinos who would say, “Oh, we’re not really a Latin American country. You can’t compare us to Colombia or Peru. We’re really a European country.” But tell that to someone who had the misfortune of winding up in Villa 31 (a notorious shantytown slum in Buenos Aires).

          • Gay Veteran

            coming soon near you!

    • Gay Veteran

      and as Gerald Celente says “when all else fails they take you to WAR”

      • El Pollo de Oro

        And even when Barack “Goldman Sachs” Obama is bombing Middle Eastern countries into oblivion and getting us into WWIII, the neocons will be claiming that he isn’t aggressive enough. I can just hear Bill Kristol and Jonah Goldberg now: “come on Barry, you only flattened 90% of Damascus. Is that he best you can do?”

        • Gay Veteran

          Obama getting the Nobel Peace Price was a SICK joke.
          Neo-cons had better watch out. Putin is ex-KGB, original gansta. Unlike Hucklefairy Lindsey of South Carolina

    • Hammerstrike

      Call him a defeatist nugget of dog diarrea from me! -)
      I might not like them and their religion but at least one thing the muzzies got right, when you have nothing to loose, go wild instead of being an apathetic p… that bends over and croak like just like the enemy wants you to!
      The worst things get, the better, people will only want change when the statue ko really bites their bloated, limp buttes.
      No more MBA, no more PS3 games, no more MTV, no more gas etc.

  • Tobias Smith

    Right now, one out of every five households in the United States is on food stamps.

    gary is most proud of this^

    • Adrian

      Is this a just system when the rich are the only ones scamming the system, making out like robber barons…or are you going to tell us this is somehow the fault of the poor? LOL

  • GSOB

    We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.
    – Winston Churchill (1903)

  • Rene Girrard

    I’ve been reading for about a year. Rodster is the voice of sanity in the comments section.

    • GSOB

      agree.

      but who are you?

      • Rene Girrard

        I am not Rene Girrard, but I did post on the board a couple of years ago. I think I was using the name “Endzone” back then.

        • GSOB

          The legacy of Democrats and Republicans approaches: Libertarianism by bankruptcy. – Nick Nuessle, 1992

    • hello jojo

      agreed.

  • GSOB

    The welfare state reduces a citizen to a client,
    subordinates them to a bureaucrat, and subjects them to rules that are anti-work, anti-family, anti-opportunity and anti-property …

    Humans forced to suffer under such anti-human rules naturally develop pathologies. The evening
    news is the natural result of the welfare state.

    - unknown

    • Adrian

      If by welfare state you mean one 100% beholden to corporate welfare at the expense of the general welfare, you got it right, buddy. Surely you don’t still think we have any benefits for the people anymore?

      • GSOB

        You dominate.

  • Richard

    Really great article, Michael. Thanks. Your writing continues to improve by leaps and bounds.

  • Rene Girrard

    We have abandoned our Christian heritage in this country, and the Christian church itself is very weak. This is why greed has exploded among CEO’s of companies and among our U.S. government representatives. Killing 52 million of our own people has resulted in an onsalught of Mexcians and Asians as replacements. We have lost our freedoms. When I was 19 in 1975, you didn’t have to wear a seat belt. You didn’t need liability insurance. A car engine was a bunch of metal and 8 wires. Kids didn’t have to wear helmets to ride their bikes. You didn’t have to get your DL photocopied for almost any business transaction. You didn’t have to get a drug test. Lawsuits were rare. There weren’t cameras spying on you everywhere you go in public. You could speak your opinion about something without it costing you your job.
    Now, we are going to lose our finances. That is the next step. We could point out a 100 reasons why. But when you get right down to it, we have forsaken our God which made us great from the beginning.

    • jaded

      The scary thing is, all of the youth of today won’t know this because they’ve been brought up in this world. I’m only 23 but I can see the changes occurring. I can’t imagine how people 50-60 etc years older feel, with all the cameras and what not. It really is scary, FROG IN THE SLOWLY BOILING POT OF WATER.

      Yet, people don’t seem to notice or care.

      • piccadillybabe

        When they start cutting the food stamps (SNAP), disability insurance and all the other services for the poor, people will notice then. It around the corner.

        • Joe Shmo

          Oh Snap! Kinda takes on a whole new meaning.

          • Gay Veteran

            LOL

        • kys

          All a matter of when? And when that time is, it’ll be too late. Hell, it probably already is.

    • Gay Veteran

      are you bragging about not wearing a seat belt? great way to improve the gene pool.
      No liability insurance, sucks for the person you hit.

    • Casp

      Amen.

    • Chris Lehman

      Some of the things you listed about the positives of 1975 are actually negatives. You didn’t need to wear a seatbelt in a car, or a helmet on a bicycle, but that’s why there were so many injuries and deaths that could have been avoided. Laws enforcing seatbelts and helmets are GOOD things!

  • Dave

    I’m glad you mentioned the inflation lie. I was listening to money talk Bob Brinker and he was going on about how low inflation is, but this is complete bull. It may be low in certain sectors but the fed conveniently leaves out food and energy, but those are significant expenses for working class people. I’ve noticed for several years now how high grocery costs keep rising. The truth is for $100 you often only have a few items whereas a few years ago it would have been a weeks worth of food. These days the US economy and the “facts” used to describe it are a lot of smoke and mirrors.

    • Joe Shmo

      Bob Brinker reminds me of “Baghdad Bob”. No matter how obvious the lie, he keeps right on going. If just once he would mention that the unemployment number is only as low it is due to the fact that we stopped counting people. Who cares why, they’re not working!

  • Ralfine

    The median is an interesting number.
    15 years ago our household earned $100,000, now about $15,000.

    But that’s OK.

    Back to cleaning the oven..

  • sth_txs

    A $40k take home salary in the late 90′s was minimum wage for a family of four. Heck, it was minimum wage for a single person to. And you worse off if you lived in a state with an income tax.

  • Jodi

    Here, here. My income has fallen too. But I stay positive & I’m grateful for what I have. I keep the Lord in mind & everything will be fine.

  • SafetyViking

    I definitely see that here locally in NW Florida. People either have ‘disposable/discretionary’ income or they don’t. A lot of it is poor money management. Why the hell don’t schools TEACH people how to manage money…you know…a LIFE LESSON, rather than fritter away their time teaching them how to pass tests?!

    Because that’s what the government wants, perhaps?

  • DJohn1

    I once read a sequel to the MASH series on TV. In this sequel the surgeons had started a small hospital. They found FRANK and made him the administrator!
    Every time they had a very difficult case, they consulted FRANK. He was a very important man in their system. FRANK BURNS in this fictional hospital was one of those rare individuals that was always 100% wrong on every diagnosis he ever made!
    So when ever they had an important decision they always consulted with FRANK. Then they did just the opposite of whatever he recommended.
    Well in real life, Obama is our FRANK BURNS and he is very good at what he does. He seems to be 100% wrong most of the time.
    So to fix the economy I think we need to do just the opposite of what is being done today.

    If he recommends low or no interest rates then we need to raise interest rates.
    I am not that smart. I don’t understand all the ins and outs of the economy. What I do understand is we are in for one big crash on the stock market regardless of what we do.
    The deliberate raiding of savings, the vast unemployment situation, no raises and no jobs, the maxing out of credit, the deliberate sabatoge of our economy by sending the jobs to cheap labor overseas, the deliberate depression here will cause a depression. How big a depression it will cause is anyone’s guess.
    Our entire economy is based on jobs. Our entire tax system is based on income tax from jobs. Am I alone in thinking that the deliberate sabatoge of those jobs is a form of treason?
    If it is both the Congress and the Presidents have been guilty of encouraging it for the last 20 years.
    I am suggesting that we are engaging in activity that is pretty close to 100% wrong. So to fix it I think we need a party to come up with something that is a complete reversal of everything the last 3 presidents have done in the last 20 years.

  • Hammerstrike

    Does this account for inflation?

  • Pauly

    Gasoline is stable, but groceries, and ALL types of insurance are becoming deadly. And traffic tickets are way up, both the fine and the amount written.

  • piccadillybabe

    Another way to look at the 400 most wealthiest Americans is that they have more money combined than the entire GDP of Russia. Heard that today by a credible news journalist. Pretty amazing and pretty pathetic since most of us are being denied the “strategic resources” that a working democracy is suppose to provide, i.e. jobs, housing, food, medical care and a good sound education in order to compete in the job market (which thanks to the 1% no longer exists). We are in essence being put in a strangle hold by our wonderful “democracy” (if you can call it that).

    • Hammerstrike

      youtube.c o m/watch?v=661pi6K-8WQ
      Not enuff, thou.

  • Peace Angel

    While looking at places all over the world to expatriate to the majority of them even third world nations require that you have a minimum amount of guaranteed income per month. Depending on where you look it can be of course higher than here. In Australia you need to have a net income of $3500 per month for a couple and have $250,000 in cash to go there.

    But in all the nations the minimum amount you must verify was $2500 per month net.

    The taxes in those countries can be far lower and living an be also, but they want to know you will not become a burden to their country.

    ALL the countries in which they have established “free” health care are at 50% taxation and they have been moving back to private care for two decades without easing the taxation.

    Self employed people are already at 50% taxation in the US unless they have tons of write offs and can’t afford health care, which will cost them their businesses if they have a catastrophic family illness. This will only get worse under obamacare.

    AND someone needs to tell the POTUS to stop lying to the sheep about the economy.

  • Kent Harris

    My two cents
    1. Get rid of the Federal Reserve.
    2. Get rid of income tax.
    3. Get rid of free trade.
    4. Get rid of illegal immigrants.
    5. Get rid of illegal wars.
    Any questions? Good I thought not.

    • Gay Veteran

      pretty good list, but I would save the income tax for the mega-wealthy

  • 2Gary2

    A report on Wednesday from the left-leaning think tank Center For American Progress notes that as middle-class incomes have steadily fallen, so have union membership rates.
    The middle 60 percent of households earned 53.2 percent of national
    income in 1968. That number has fallen to just 45.7 percent. During that
    same period, nationwide union membership fell from 28.3 percent to a
    record-low 11.3 percent of all workers.

  • 2Gary2

    A report on Wednesday from the left-leaning think tank Center For American Progress notes that as middle-class incomes have steadily fallen, so have union membership rates.
    The middle 60 percent of households earned 53.2 percent of national
    income in 1968. That number has fallen to just 45.7 percent. During that
    same period, nationwide union membership fell from 28.3 percent to a
    record-low 11.3 percent of all workers.

    Business/capital has way too much power and labor has too little power. We need to balance the scales so workers have more power.

  • 2Gary2

    Tax the rich and spread the wealth–you all know I am right.

  • michelle

    we couldn’t make it on our $2000 a month if I didn’t have a paid for house and cars. No debt makes it possible although it means I don’t get to live like other people…beyond my means..aka a big nice house and new cars.

    • michelle

      ok i refigured it….$2400 a month lol

  • xtra

    sell one million 25,000 dollar houses and one 50 million dollar house to zero interest rate insiders and your average price is 25,922 dollars while your median price 24,075,000………………….
    holders of the 50n million are sent into panic by quote of the average, works the same wityh income numbers…….

  • Political Fun House

    The Savage in Chief hates our guts.

    That is all that I can figure.

    There is still time to fix this, with a little painful medicine and more freedom.

    So that he has chosen to destroy us certainly has to be the only conclusion.

  • Scottar

    It all relevant to the earner. We’ve been living in a bubble so wages where artificially elevated. Even today we are in a bubble of the Feds essentially printing money to fund the extravagances of the grubmint.

    But the median income tells the plight of the middle class. They have been loosing out as Obama installs his draconian Marxist agendas along with the Dems blessings.

    The only recovery happening is the very rich getting richer, especially the big bankers.

    There’s a protest coming this October and if you care then support it. It involves the truckers.

  • justanaverageguy

    Our elected leaders should be creating economic policy that favors a rising median income for all Americans. Instead they make increased wealth of the 1% their only priority.

    This will be corrected but only when political power is once again balanced between organized labor and the plutocrats. Currently both Parties are joined at the hip with big money and outside interests. The Democrats are tied to the bankers, and the Repubs to the corporatists. Conservative and liberal are only propaganda words that they use to divide the serfs.

  • WAW

    Be sure to vote for an incumbent in Nov 2014. That will surely fix the problems. (Sarcasm)

  • SaveDontBuyJunk

    Buy nothing holidays. Make a big meal. Dhare time together walkin in the park as a family. Make your Christmas cards . That’s it. Fight Back by dropping out. Honestly uou don’t need more junk & no one needs stuff from gou.
    If you must buy gifts only buy from goodsill centers , thrift shops, & estate sales . Nothing new, avoid stores, stay away from malls. Save for the future – it is goin to get much much worse.

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