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Economics Discuss Pew: Middle Class Poorer, Earning Less And Shrinking at the Political Forums; No surprises here But hey - it's all just "class warfare" right? Pew: Middle Class Poorer, Earning Less And Shrinking ...

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Old 08-23-2012, 12:22 PM
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Default Pew: Middle Class Poorer, Earning Less And Shrinking

No surprises here

But hey - it's all just "class warfare" right?



Pew: Middle Class Poorer, Earning Less And Shrinking


Quote:
The researchers at Pew Social & Demographic Trends aren't holding back in their new report on the middle class. It calls the last 11 years, "the lost decade" for the country's middle class.

The highlight from the report issued today is that the middle class is poorer, earning less and shrinking.

In its press release, Pew reports:
"These stark assessments are based on findings from a new nationally representative Pew Research Center survey that includes 1,287 adults who describe themselves as middle class, supplemented by the Center's analysis of data from the U.S. Census Bureau and Federal Reserve Board of Governors.

"Fully 85% of self-described middle-class adults say it is more difficult now than it was a decade ago for middle-class people to maintain their standard of living. Of those who feel this way, 62% say "a lot" of the blame lies with Congress, while 54% say the same about banks and financial institutions, 47% about large corporations, 44% about the Bush administration, 39% about foreign competition and 34% about the Obama administration. Just 8% blame the middle class itself a lot."
Most of what you need to know is in the graphs to the left.

They show that the median household income for example, dropped from $72,956 in 2000 to $69,487. Perhaps the most dramatic figure is that median net worth took a major hit during the recession. It plummeted from $152,950 to $93,150.

Another interesting graph shows that in past decades, the middle class continues to lose ground to upper incomes when you aggregate household income.

For example in 1970, the middle class held 62 percent of the income in the country. The upper income held 29 percent. Those numbers have now flipped: The middle class is at 45 percent and the upper income class is at 46 percent.

It's important to note that Pew considers three-person household making $39,418 to $118,255 middle class.

When asked, most said it took at least $70,000 to be middle class.
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Old 08-24-2012, 12:52 AM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

Obamanomics at it's finest.
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Old 08-24-2012, 01:44 AM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

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Originally Posted by Coyote View Post
No surprises here

But hey - it's all just "class warfare" right?



Pew: Middle Class Poorer, Earning Less And Shrinking
Of course the Middle Class is shrinking. They gave the Presidency to an incompetent Socialist and the Congress for his first two years to the utterly insane Democrat Party.

I knew that the Middle Class would shrink.

Michelle Malkin knew that the Middle Class would shrink.

Glenn Beck knew that the Middle Class would shrink.

Rush Limbaugh knew that the Middle Class would shrink.

Ann Coulter knew that the Middle Class would shrink.

Ayn Rand knew that the Middle Class would shrink if this ever happened.

Most of the Conservative posters here knew that the Middle Class would shrink.

I expect that there are things living in dark hollows deep in the forest that knew that the Middle Class would shrink.

People who helped this happen really ought to be ashamed and never vote again until they grow up.
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Old 08-24-2012, 10:50 AM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

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Originally Posted by Oftencold View Post
Of course the Middle Class is shrinking. They gave the Presidency to an incompetent Socialist and the Congress for his first two years to the utterly insane Democrat Party.

I knew that the Middle Class would shrink.

Michelle Malkin knew that the Middle Class would shrink.

Glenn Beck knew that the Middle Class would shrink.

Rush Limbaugh knew that the Middle Class would shrink.

Ann Coulter knew that the Middle Class would shrink.

Ayn Rand knew that the Middle Class would shrink if this ever happened.

Most of the Conservative posters here knew that the Middle Class would shrink.

I expect that there are things living in dark hollows deep in the forest that knew that the Middle Class would shrink.

People who helped this happen really ought to be ashamed and never vote again until they grow up.
It refers to the past 11 years.

Obama has only been in office 3 years.
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Old 08-24-2012, 10:50 AM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

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Obamanomics at it's finest.
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Old 08-24-2012, 11:02 AM
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Post Re: Pew: Middle Class Poorer, Earning Less And Shrinking

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Originally Posted by Coyote View Post
It refers to the past 11 years.
Obama has only been in office 3 years.
Time and time again, the same crap...
I have seen the right-wing complain about this, ONLY IF they can try to pin it on Obama.

You point out that this started out LONG BEFORE Obama took office, and their notice of the problem disappears...

I've got at least a couple threads pointing this type of stuff out before Obama took office. It's relegated to the "class warfare" response.

You'll notice that they don't even bother to read the facts in your article.
Second sentence in your article. You even bold-faced it for them. But they ignore it...
They just immediately jump to claiming it's Obama fault. Facts are irrelevant to that assumption.
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Old 08-24-2012, 11:27 AM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

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Originally Posted by Coyote View Post
It refers to the past 11 years.

Obama has only been in office 3 years.
And in that time they've drifted left, elected lo0t of Dem governors, increased the number of Dems in the Congress and elected middle-of-the-road Republicans that we are busily everything from office and hopefully the GOP now.



During the first of those years, employment was generally up, the economy was mostly robust and that was with the burden of two quasi-wars against murderous savages.

As a result an ordinary recession has been turned into a possibly permanent state of poverty.

Whatever you believe though, the economic results of the failed Obama Administration have been pretty much as those of us on the Right predicted. How could it have been otherwise? Our predictions were based in Reality, on history, common sense, and an acceptance of Human Nature.

The Left based their predictions on fantasies and fairy dust.
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Old 08-24-2012, 11:29 AM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

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Originally Posted by foundit66 View Post
Time and time again, the same crap...
I have seen the right-wing complain about this, ONLY IF they can try to pin it on Obama.

You point out that this started out LONG BEFORE Obama took office, and their notice of the problem disappears...

I've got at least a couple threads pointing this type of stuff out before Obama took office. It's relegated to the "class warfare" response.

You'll notice that they don't even bother to read the facts in your article.
Second sentence in your article. You even bold-faced it for them. But they ignore it...
They just immediately jump to claiming it's Obama fault. Facts are irrelevant to that assumption.
You do know that we were all there during the years you are trying to explain to us, yes?
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Old 08-24-2012, 11:38 AM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

Quote:
Originally Posted by Coyote View Post
It refers to the past 11 years.

Obama has only been in office 3 years.
And that doesn't make you wonder?...AT ALL?...

Why on earth would they pick such a random and arbitrary number like "11" to determine the number of years for the study?...

To include Bush, of course!...

If they did 3 years like they could've easily done so, it would expose the deterioration of the middle class all on Obama's watch, and we can't have an election based on Obama's record can we?...

So they give you a report on Obama AND Bush so you can't tell if deterioration was consistent through both presidencies or accelerated during one of them...Leaving the reader with unanswered questions...
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Old 08-24-2012, 12:21 PM
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Default Re: Pew: Middle Class Poorer, Earning Less And Shrinking

I guess I'm part of the 8% sited in the study. I'd say they did the majority of it to themselves.

People who's lifestyles are based on how much they can spend on credit, will at some point lose ground when that bill comes due.

And EVERYBODY's net worth dropped. Net worth is the value of your assets minus you liabilities. If you owed money (see line above) and your house values dropped, well, so did your net worth. :rolleyes
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