Wednesday, October 20, 2010
Middle class disappearing
America loves to think it has a middle class—hard-working, going to Rotary, volunteering, paying the mortgage, good-hearted, church going, salt of the earth.
Well, this is becoming a myth.
This engine of commerce and its buying power are on shifting sands.
The top 20% of the populace holds 93% of the nation’s wealth.
The top 1% has almost half of the wealth.
The middle 20% of the population—well, only 6% of the money rests there.
The bottom 40%? One percent of the money!!
How did the middle class become what some call “debt serfs”?
Between 2001 and 2009, almost a third of all jobs went overseas—that is one way.
In 1960, 29% of Americans worked in manufacturing. Now that’s 9%.
American manufacturing simply must rebound. We make no TV sets anymore. Computers? Down to 166,000 workers from 300,000.
What is the answer? Well, it’s not a few more viaducts and culverts.
The college boys in DC better wise up and put some muscle into it.