Wednesday, September 29, 2010
Shrinking middle class...
Plundering the middle class – 35 percent of American households live on $35,000 or less each year. Bailouts a success for the wealthiest 5 percent of Americans.
The middle class is being slowly dismantled piece by piece. New Census data released this week highlights a continuing trend that is pushing more average Americans into a perpetual struggle to stay financially afloat. New data shows that the median household income is $50,221 in 2009 which is down from $52,029 in 2008. This drop of 3.6 percent comes at a time when many U.S. households are struggling to make payments on mortgages and more importantly, find jobs. The only group that grew their household income was for those making $180,000 or more (top 5 percent). This growing inequality gap demonstrates that this recession is actually widening the chasm between the working and upper-classes of our society. I went ahead and took the data from the new Census report and created the following income distribution chart: