Who’s Responsible for the Crumbling Middle Class?

August 24, 2012 | By | Add a Comment

“For the first time since at least World War II, middle-class families finished the first decade of the 21st century poorer and with lower incomes than they had 10 years earlier.”

The first sentence of a recent article from USA Today couldn’t be any clearer. And if you thought times were tough for you, you aren’t alone. Eighty-five percent of those surveyed recently by the Pew Research Center’s Social and Demographic Trends project say that it’s now harder than before to maintain a middle-class lifestyle.

Median household income dropped nearly $3,500 for a three-person middle-class household, to $69,487 a year, after adjusting for inflation, the Pew study said. The median household’s net worth dropped 28% to $93,150. Incomes have dropped since 2000, while wealth rose modestly early in the decade before gains were wiped out by the recession that began in 2007 and the financial crisis sparked in 2008….

“That the middle class always enjoys a rising standard of living is part of America’s sense of itself, and it has always been true—until now,” [Pew executive vice president Paul] Taylor said in an interview….

The middle class grew smaller, poorer and more pessimistic….

It’s a disturbing trend for a country whose economy relies extensively on consumer spending by the middle class to survive and thrive. And who’s to blame for this sad state of affairs? Unsurprisingly, “[t]he biggest culprits in Pew’s surveys were Congress, which was blamed ‘a lot’ by 62% of respondents for middle-class decline.”

If you’re tired of being trod upon by your elected representatives while their big-business and One-Percenter donors run away with our great nation, you know what you have to do. It’s time to Fire Congress!!!

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