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60 Facts That Prove The American Middle Class is Being Wiped Out
Michael Snyder/Activist Post
The middle class in the United States is being systematically destroyed, and nobody is doing much of anything to stop it. Our incomes are shrinking, our share of the income pie is at an all-time low, our jobs are being sent overseas, debt burdens have soared to unprecedented heights and millions of formerly middle class Americans have fallen into poverty.
America once had the largest and most vibrant middle class that the world has ever seen, but now it is rapidly being shredded. Unfortunately, this is particularly true for younger Americans. Today, families that have a head of household that is under the age of 30 have a poverty rate of 37 percent. That is astounding. The truth is that there are not enough decent jobs for the hordes of young people that are entering the marketplace each year.
Once upon a time, a college degree was just about a guaranteed ticket to the middle class, but in 2011 more than half of all college graduates under the age of 25 were either unemployed or underemployed. Sadly, statistics tell us that the younger you are, the less likely you are to have a chance to live “the American Dream”. Nearly half the country already lives in a household that receives direct financial assistance from the federal government, and that percentage grows with each passing day.
We are rapidly being transformed from a country of middle class citizens into a country of impoverished government dependents. If dramatic changes are not made, the middle class in America will continue to decline every single year. What would our society look like if the middle class disappeared entirely at some point?
#1 According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.
#2 As the middle class shrinks, more Americans than ever have been forced to become dependent on the federal government. Federal spending on welfare programs has reached nearly a trillion dollars a year, and that does not even count Social Security or Medicare. Welfare spending is now 16 times larger than when the “war on poverty” began.
#3 Median household income in the U.S. has fallen for four consecutive years. Overall, it has declined by over $ 4,000 during that time span.
#4 The U.S. economy continues to trade good paying jobs for low paying jobs. 60 percent of the jobs lost during the last recession were mid-wage jobs, but 58 percent of the jobs created since then have been low wage jobs.
#5 The number of Americans living in poverty has increased by more than 15 million since the turn of the century.
#7 Back in the 1970s, about one out of every 50 Americans was on food stamps. Today, about one out of every 6.5 Americans is on food stamps.