Going, Going and Soon Gone
- It is not happening overnight, but the middle class is rapidly shrinking. Outsourcing, robotics, the Internet, inflation and a flood of cheap labor has gutted the American worker.
(Newsmax) - The nation's working middle class, commonly seen as the economic backbone of the nation, is now less than half of the U.S. population and continues to financially struggle under President Barack Obama, a new report warns.
The middle class “is declining and no longer constitutes a majority under President Barack Obama,” Breitbart News reported, citing a Pew Research Center study, which found that “after more than four decades of serving as the nation’s economic majority, the American middle class is now matched in number by those in the economic tiers above and below it.”
Middle class Americans now comprise less than half, or 49.9%, of the nation’s population, down from 61% in 1971, according to the Pew report. “The share living in the upper-income tier rose from 14% to 21% over the same period. Meanwhile, the share in the lower-income tier increased from 25% to 29%,” Breitbart reported.
For Pew, middle class Americans live in households earning between two-thirds to two times the nation’s median income. In 2014, that ranged from $41,900 to $125,600 for a three-person household.
Some 120.8 million adult Americans lived in middle-class households this year, according to Pew. That’s slightly less than the combined number of upper-income adults (51 million) and those at the lower tier (70.3 million).
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|Real Unemployment is 23%|
The bipartisan Government hacks have been cooking the books with phony statistics for years to win reelection. The blue line above reflects how the government used to calculate unemployment before 1994. The politicians from both parties lie to the people about the truth.
The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.
The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.(shadowstats.com)