Submitted by George Washington on 09/14/2012 10:48 -0400
BLS
Bureau of Labor Statistics
Census Bureau
Reality
Recession
recovery
Unemployment
The Washington Post notes in an article entitled “Census: Middle class shrinks to an all-time low“:
The vise on the middle class tightened last year, driving down its share of the income pie as the number of Americans in poverty leveled off and the most affluent households saw their portion grow, new census data released Wednesday showed.
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For many economists, the most troubling statistics were those on income inequality underscoring the middle-class squeeze.
The 60 percent of households earning between roughly $20,000 and $101,000 collectively earned 46.6 of all income, a 1.5 percent drop. In 1990, they shared over 50 percent of income.
The Post also notes that inequality has actually risen post-recession:
“What’s disconcerting is that inequality is going up post-recession, and it’s happening because the top is starting to pull away again,” [Jane Waldfogel, a professor at Columbia University’s School of Social Work] said.
Bloomberg reports that income inequality has grown to the highest level since 1967:
The U.S. Census Bureau figures released yesterday underscored the struggles of American families in a sputtering economic recovery. The report also showed the income gap between rich and poor people grew to the widest in more than 40 years in 2011 as the poverty rate remained at almost a two-decade high.
In reality, inequality in America is the worst its been since 1917. Indeed, as we noted last year:
Inequality among Americas is worse than in Egypt, Tunisia or Yemen. As NPR notes, inequality is higher in the
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Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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