Political Forums  

Go Back   Defending The Truth Political Forum > Political Issues > Money and Finance > Economics


Reply
 
LinkBack Thread Tools Display Modes
Old May 9th, 2011, 11:04 AM   #1
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,677
In the accompanying interview, The Daily Ticker's Aaron Task discusses the state of the middle class with Sherle Schwenninger, director of economic growth and American strategy programs at the New America Foundation. Schwenninger's recent report "The American Middle Class Under Stress" has some stunning facts that highlight the struggles the average American is having getting a decent-paying job and keeping up with rising cost of living.Here are just some of the sobering facts:



-- There are 8.5 million people receiving unemployment insurance and over 40 million receiving food stamps.



-- At the current pace of job creation, the economy won't return to full employment until 2018.



-- Middle-income jobs are disappearing from the economy. The share of middle-income jobs in the United States has fallen from 52% in 1980 to 42% in 2010.



-- Middle-income jobs have been replaced by low-income jobs, which now make up 41% of total employment.



-- 17 million Americans with college degrees are doing jobs that require less than the skill levels associated with a bachelor's degree.



-- Over the past year, nominal wages grew only 1.7% while all consumer prices, including food and energy, increased by 2.7%.



-- Wages and salaries have fallen from 60% of personal income in 1980 to 51% in 2010. Government transfers have risen from 11.7% of personal income in 1980 to 18.4% in 2010, a post-war high.



The bottom line is simple says Schwenninger: The middle class is shrinking, which threatens the social composition and stability of the world's biggest economy. "I worry that we're becoming a barbell society - a lot of money wealth and power at the top, increasing hollowness at the center, which I think provides the stability and the heart and soul of the society... and then too many people in fear of falling down."



http://finance.yahoo.com/blogs/daily...141947274.html











garysher is offline  
Old May 9th, 2011, 12:31 PM   #2
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Pensacola, FL
Posts: 31,694
Gee, I better hurry up and start making more money. Don't wanna fall out the ranks of middle class.



pensacola_niceman is offline  
Old May 9th, 2011, 01:08 PM   #3
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,677
Quote:
Originally Posted by pensacola_niceman View Post
Gee, I better hurry up and start making more money. Don't wanna fall out the ranks of middle class.


Yes please hurry up and help the Afghans spend more of our taxes!
garysher is offline  
Old May 9th, 2011, 01:22 PM   #4
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Pensacola, FL
Posts: 31,694
Quote:
Originally Posted by gary View Post
Yes please hurry up and help the Afghans spend more of our taxes!




I bet you didn't know that Afghanistan requires that foreign workers pay Afghan income tax. Fortunately, my company picks that up as a cost of doing business.
pensacola_niceman is offline  
Old May 9th, 2011, 01:47 PM   #5
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,677
Quote:
Originally Posted by pensacola_niceman View Post
I bet you didn't know that Afghanistan requires that foreign workers pay Afghan income tax. Fortunately, my company picks that up as a cost of doing business.


The US does the same thing to its foreign workers



At least you can avoid US tax if you are out of the country for 184 days
garysher is offline  
Old May 9th, 2011, 01:59 PM   #6
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Pensacola, FL
Posts: 31,694
Quote:
Originally Posted by gary View Post
The US does the same thing to its foreign workers



At least you can avoid US tax if you are out of the country for 184 days




I didn't know that. It would suck to have to pay the taxes of two countries. Also, you have to have a combined total of 330 days out of country to avoid US taxes. It only applies to the first $91K you make. That's the same amount you where you have paid in the maxium FICA too. At the end of the year, it's like getting a $600 a month raise.
pensacola_niceman is offline  
Old May 9th, 2011, 02:04 PM   #7
Banned
 
garysher's Avatar
 
Join Date: Feb 2007
Location: Los Angeles
Posts: 34,677
Quote:
Originally Posted by pensacola_niceman View Post
I didn't know that. It would suck to have to pay the taxes of two countries. Also, you have to have a combined total of 330 days out of country to avoid US taxes. It only applies to the first $91K you make. That's the same amount you where you have paid in the maxium FICA too. At the end of the year, it's like getting a $600 a month raise.


No wonder this country is going bankrupt
garysher is offline  
Old May 9th, 2011, 02:23 PM   #8
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Pensacola, FL
Posts: 31,694
Quote:
Originally Posted by gary View Post
No wonder this country is going bankrupt




I still have tax deducted from my pay in case I don't make the 330 days. Last year I easily met the requirement. As such, my tax return was substancial.
pensacola_niceman is offline  
Old May 9th, 2011, 02:37 PM   #9
Fayt Storm ON [OFF]
 
Fayt's Avatar
 
Join Date: Jul 2010
Location: Not in MD
Posts: 15,796
so....are there any solution to rolling back the decline of the middle class?
Fayt is offline  
Old May 9th, 2011, 02:49 PM   #10
Your Own Moderator
 
pensacola_niceman's Avatar
 
Join Date: Mar 2007
Location: Pensacola, FL
Posts: 31,694
Quote:
Originally Posted by Fayt View Post
so....are there any solution to rolling back the decline of the middle class?




Sure, make more money.
pensacola_niceman is offline  
Reply

  Defending The Truth Political Forum > Political Issues > Money and Finance > Economics

Tags
america’s, class, crisis, facts, middle, sobering



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
Middle Class vs. Poor Class XanderCrews Opinion Polls 4 September 26th, 2012 02:15 PM
Reviving The Middle Class Podium Pentothal Current Events 9 September 6th, 2012 08:39 PM
The middle class is being 'hollowed out' CNN Current Events 11 November 5th, 2010 04:45 AM
Are you middle class? fxashun Money and Finance 5 March 26th, 2010 10:08 AM
War On the Middle Class? cnredd Money and Finance 32 February 9th, 2008 11:47 PM


Facebook Twitter RSS Feed



Copyright © 2005-2013 Defending The Truth. All rights reserved.