Monday, August 30, 2010

The Incredible Shrinking American Middle Class

I like the analyses offered by Mybudget360. I don't know who runs the site but their data are good and their analyses illuminating of the social implications of our economic contraction.

My only problem with the site is its archiving is a little tough to penetrate. So, if you care to read the whole article you may need to search for it by name:

August 28 "The Struggling Class – The emergence of consistent poverty. How the other half live financially. 40 million Americans on food assistance and large unbanked population. Family Dollar up over 80 percent through the recession."

The article's argument is summed up in the first paragraph, that I'm quoting here. Read the article to see how it is unpacked with statistics and illustrations:

"It is disturbing to see many articles published in foreign newspapers and magazines highlighting the plight of the middle class in America. You would think that our own media would want to cover this issue which should be at the top of the list for everyone. Instead, our mainstream media systematically attempts to keep everyone financially in the dark and shell shocked into spending money (assuming they still have disposable income). They do this by pumping out inane show after inane show to keep people numb to the deeper problems of the day. The middle class is giving way to a new struggling class. This is a class that is defined by a constant struggle merely to chase the middle class carrot on the stick while the large banking sector becomes ever more powerful and the resource pie shrinks. The recovery never even appeared for millions of Americans...."

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