The Middle Class Squeeze - Redux

middle class squeeze
Today, personal incomes fell 0.7%, the largest single drop in 3 years. Consumer spending slowed also. What a surprise, Americans are tapped out, credit card debt is now estimated at $1 trillion, double from 1996 and unpaid debt has increased 22% from one year ago. Here are some statistics from EPI.




While the poor get poorer

real median income united states


Ah, but don't worry, the rich are getting richer: 

household income from 1967 to 2003


Changes in US income 08 20008



These graphs are the work of Jared Bernstein

And here is the United States in comparison to the rest of the world in economic fairness.

global income inequality

Maybe the middle class is starting to get just a little bit of attention.  Today this news actually affected the stock markets.  It's only after the elites realize without a strong middle class, their money goes down...does working America get any lip service. 

Indeed, the United States is being exceeding by the European Union in Purchase Power Parity and while you may believe that China and India are third world countries, their statistics say quite a different picture. These nations are right below the United States in standard of living, before France and Spain.