Killing the Middle Class

Michael Snyder has a Yahoo Finance article detailing the many ways the fortunes of the American middle class are crumbling.

It’s depressing to learn that “66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans” while “As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.” At the same time, Snyder doesn’t offer much in policy prescriptions; he seems to conclude the middle class has been doomed by cheaper overseas competition.

Of course, I think people will find the most fault with the statement that “In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.” In Chicago, at least, we like to blame our budget issues on those blasted public servants who have the temerity to earn a living wage.

It’s easier to complain about the bus driver getting paid vacation than it is to figure out a way to leverage some of those top-1% gains for the greater good of our shared society.