Tag Archive for Middle Class

Washington Lets Shrinking Middle Class Twist in the Wind- Money Morning

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. Letting sequestration happen is just the latest burden Washington’s politicians have dumped on a struggling and shrinking middle class. Unless our bickering lawmakers come up with a solution, the Congressional Budget Office estimates that sequestration could knock 0.6%…

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.

To continue reading, please click here…

ZIRP Bernankecide compounds problem of Baby Boomers losing inheritance, going broke supporting destitute parents- Video

For a 61 year old contributing to the support of a mother with Alzheimers, whose savings have been wiped out earlier than expected by ZIRP Bernankecide, the piece below from the WSJ hit home. What the article does not mention, not once, is the role that ZIRP Bernakecide plays in this unfolding catastrophe. The WSJ…

Where Wealth Declined Most (and an Income Riddle) – NYTimes.com

By BINYAMIN APPELBAUM The bleak portrait of the financial health of American families that the Federal Reserve published Monday shows that the impact of the economic crisis has fallen with disproportionate weight on the middle class. The middle 60 percent of American families had a larger decline in wealth and income on a percentage basis than…