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Author: Ben Gersten

Middle Class Decline Under Obama Shown in 5 Charts – Money Morning

U.S. President Barack Obama often makes a point of talking about how important our country’s middle class is to our economic growth – something he reiterated yesterday (Monday) in his second inauguration speech.

“Our country cannot succeed when a shrinking few do very well and a growing many barely make it,” President Obama said. “We believe that America’s prosperity must rest upon the broad shoulders of a rising middle class.”

But the financial reality that currently faces the U.S. middle class is not one that can support a country’s economic future.

For example, many middle-class workers have lost jobs or taken a pay cut since the president took office in 2009, and the 7.8% unemployment rate is the same as when President Obama first took office.

The labor force participation rate – the percentage of working-age people who are employed or actively seeking jobs – is at its lowest level in over 30 years, and those who are working are making a lower median income than they did 10 years ago.

At the same time, almost half of Americans are unprepared for financial emergencies. About 49% of Americans don’t have enough money saved to cover three months of expenses and 28%don’t have any money saved, according to a survey by consumer financial services firm Bankrate.com.

Here are five startling charts that outline a middle class decline that’s taken shape under President Obama.

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