You are aware that your source is from 2006, correct? Are you also aware that the average American today carries over $8000 in credit card debt, not the $0 that was listed by your source? Do you also realize that low and middle class wages are not raising at the same rate as the cost of living? Or what about the fact that insurance premiums have risen dramatically but wages have not? Here's a more recent article that discusses the true nature of the situation that many Americans face.
As income gap widens, recession fears grow
Incomes fell for poor and stagnated for middle-class families since late 1990s, making it tougher for them to weather economic downturn.
NEW YORK (CNNMoney.com) -- Poor and middle-class families are entering the recession in a precarious situation due in part to declining or stagnant income growth, a study released Wednesday has found.
Incomes, on average, have declined by 2.5% among the bottom fifth of families since the late 1990s, while inching up by just 1.3% for those in the middle fifth of households, according to an analysis by the Center on Budget and Policy Priorities and the Economic Policy Institute, two liberal think tanks.
The wealthiest slice of Americans, however, saw their incomes rise by 9%.
The average income of the bottom fifth of families was $18,116; the middle fifth, $50,434; and the wealthiest fifth, $132,131.
Unlike what happened during the economic boom of the 1990s, lower- and middle-class families did not share in the prosperity of recent years, the report found. In fact, the United States has had its longest jobless recovery and slowest rate of payroll growth during this decade.
"We're worried about the impact of the downturn on the families whose incomes haven't recovered from the last recession," said Jared Bernstein, Economic Policy Institute senior economist and co-author of the report.
Wages have not kept up with inflation, families have loaded up on debt and homeowners have seen the value of their largest asset decline, he said. The situation will only get worse during the economic downturn.
"Families are uniquely economically exposed to the costs of recession," he continued. "As we head into a recession, their incomes will take a further hit."
The income gap between the rich and the rest of the population is widening. In 22 states, the top fifth of families made more than seven times what the poorest fifth took home, according to the report. In the late 1980s, only one state - Louisiana - had such a spread. Meanwhile, in more than two-thirds of the country, the wealthiest saw their income grow more than twice as fast as the middle-class over the past two decades.
State governments, however, can step in and help mitigate this growing inequality and insecurity, said Elizabeth McNichol, a senior fellow at the Center on Budget and Policy Priorities and the report's co-author. For instance, they can extend the amount of time workers receive benefits during an economic downturn. Also, they can offer or improve support services, such as child care, health insurance and transportation services.
Governments can also put resources into public services and infrastructure projects, which will help create jobs and stimulate the economy, said James Galbraith, professor at the University of Texas at Austin and income gap specialist. The federal government may also have to funnel more money to the states so they can maintain services at a time when tax revenues may decline.
"It's time to put the election behind us and the country in front of us. Barack Obama wasn't my choice, but come January 20th, he will be MY President.... I will not seek to see all
>>For those of you who wonder why I brought up Elian Gonzalez, here's why. If you remember, Elian was brought to our country by his mother from Cuba. His mother died trying to get him here. She wanted him to be free of Castro's dictatorship. Our president at that time, Bill Clinton, ordered that he be removed from his family's home and sent back to Cuba. I still remember the pictures of our soldiers going into that house with guns pointing at that little boy and the guy that was trying to protect him. Can you imagine what was going through that little boy's mind when that happened? I bawled my eyes out when Bill Clinton and the democrats decided to do that, which is why I will never vote for a democrat. They're all the same. Our country should've fought for that little boy, but instead we didn't.<<
What was really unfortunate about the Elian Gonzalez case was that the entire b.s. episode with the soldiers could have been avoided IF the family in the U.S. had cooperated. They knew they had no hope of keeping him but still CHOSE to expose Elian to this scene. There would have been NO NEED for soldiers if the US family hadn't said that anyone coming into the house "could be hurt".
So if you want to blame the democrats and the president, nobody can stop you. It is my fervent belief, however, that more people in our country educated themselves about a situation - especially one they so passionately believe in - before spouting off about it.
FWIW, a JUDGE revoked custody of Elian. You seem so concerned about family but you ignore the fact that the kid has a FATHER who loves him and wanted him back.
Follow me to the Bio Moms Board - a community for divorced mothers.
This is HER country too. Why should she move? She's voicing her fears and beliefs. What she believes of Obama..... and she should. I share the same beliefs. I'm not planning on moving. This is MY country. My husband served 22 years in the Air Force defending this country. All I can do is vote against him and PRAY. Pray that people come to their senses in what I believe is a blind following.
"It's time to put the election behind us and the country in front of us. Barack Obama wasn't my choice, but come January 20th, he will be MY President.... I will not seek to see all
>>This is HER country too. Why should she move? She's voicing her fears and beliefs. What she believes of Obama..... and she should. I share the same beliefs. I'm not planning on moving. This is MY country. My husband served 22 years in the Air Force defending this country. All I can do is vote against him and PRAY<<
I think you missed the point. The point is that if you really ARE that scared (versus it being a statement used for effect), then you really would want to leave.
Follow me to the Bio Moms Board - a community for divorced mothers.
Pages
You are aware that your source is from 2006, correct? Are you also aware that the average American today carries over $8000 in credit card debt, not the $0 that was listed by your source? Do you also realize that low and middle class wages are not raising at the same rate as the cost of living? Or what about the fact that insurance premiums have risen dramatically but wages have not? Here's a more recent article that discusses the true nature of the situation that many Americans face.
As income gap widens, recession fears grow
Incomes fell for poor and stagnated for middle-class families since late 1990s, making it tougher for them to weather economic downturn.
NEW YORK (CNNMoney.com) -- Poor and middle-class families are entering the recession in a precarious situation due in part to declining or stagnant income growth, a study released Wednesday has found.
Incomes, on average, have declined by 2.5% among the bottom fifth of families since the late 1990s, while inching up by just 1.3% for those in the middle fifth of households, according to an analysis by the Center on Budget and Policy Priorities and the Economic Policy Institute, two liberal think tanks.
The wealthiest slice of Americans, however, saw their incomes rise by 9%.
The average income of the bottom fifth of families was $18,116; the middle fifth, $50,434; and the wealthiest fifth, $132,131.
Unlike what happened during the economic boom of the 1990s, lower- and middle-class families did not share in the prosperity of recent years, the report found. In fact, the United States has had its longest jobless recovery and slowest rate of payroll growth during this decade.
"We're worried about the impact of the downturn on the families whose incomes haven't recovered from the last recession," said Jared Bernstein, Economic Policy Institute senior economist and co-author of the report.
Wages have not kept up with inflation, families have loaded up on debt and homeowners have seen the value of their largest asset decline, he said. The situation will only get worse during the economic downturn.
"Families are uniquely economically exposed to the costs of recession," he continued. "As we head into a recession, their incomes will take a further hit."
The income gap between the rich and the rest of the population is widening. In 22 states, the top fifth of families made more than seven times what the poorest fifth took home, according to the report. In the late 1980s, only one state - Louisiana - had such a spread. Meanwhile, in more than two-thirds of the country, the wealthiest saw their income grow more than twice as fast as the middle-class over the past two decades.
State governments, however, can step in and help mitigate this growing inequality and insecurity, said Elizabeth McNichol, a senior fellow at the Center on Budget and Policy Priorities and the report's co-author. For instance, they can extend the amount of time workers receive benefits during an economic downturn. Also, they can offer or improve support services, such as child care, health insurance and transportation services.
Governments can also put resources into public services and infrastructure projects, which will help create jobs and stimulate the economy, said James Galbraith, professor at the University of Texas at Austin and income gap specialist. The federal government may also have to funnel more money to the states so they can maintain services at a time when tax revenues may decline.
Chrissy
mom to Aidan 8/21/03
Grayson Blaine 12/30/07
I think maybe
"It's time to put the election behind us and the country in front of us. Barack Obama wasn't my choice, but come January 20th, he will be MY President.... I will not seek to see all
>>For those of you who wonder why I brought up Elian Gonzalez, here's why. If you remember, Elian was brought to our country by his mother from Cuba. His mother died trying to get him here. She wanted him to be free of Castro's dictatorship. Our president at that time, Bill Clinton, ordered that he be removed from his family's home and sent back to Cuba. I still remember the pictures of our soldiers going into that house with guns pointing at that little boy and the guy that was trying to protect him. Can you imagine what was going through that little boy's mind when that happened? I bawled my eyes out when Bill Clinton and the democrats decided to do that, which is why I will never vote for a democrat. They're all the same. Our country should've fought for that little boy, but instead we didn't.<<
What was really unfortunate about the Elian Gonzalez case was that the entire b.s. episode with the soldiers could have been avoided IF the family in the U.S. had cooperated. They knew they had no hope of keeping him but still CHOSE to expose Elian to this scene. There would have been NO NEED for soldiers if the US family hadn't said that anyone coming into the house "could be hurt".
So if you want to blame the democrats and the president, nobody can stop you. It is my fervent belief, however, that more people in our country educated themselves about a situation - especially one they so passionately believe in - before spouting off about it.
FWIW, a JUDGE revoked custody of Elian. You seem so concerned about family but you ignore the fact that the kid has a FATHER who loves him and wanted him back.
Follow me to the Bio Moms Board - a community for divorced mothers.
This is HER country too. Why should she move? She's voicing her fears and beliefs. What she believes of Obama..... and she should. I share the same beliefs. I'm not planning on moving. This is MY country. My husband served 22 years in the Air Force defending this country. All I can do is vote against him and PRAY. Pray that people come to their senses in what I believe is a blind following.
"It's time to put the election behind us and the country in front of us. Barack Obama wasn't my choice, but come January 20th, he will be MY President.... I will not seek to see all
>>This is HER country too. Why should she move? She's voicing her fears and beliefs. What she believes of Obama..... and she should. I share the same beliefs. I'm not planning on moving. This is MY country. My husband served 22 years in the Air Force defending this country. All I can do is vote against him and PRAY<<
I think you missed the point. The point is that if you really ARE that scared (versus it being a statement used for effect), then you really would want to leave.
Follow me to the Bio Moms Board - a community for divorced mothers.
Pages