'Lost Decade' for US Middle Class?
~ The Rebel ~
2012/06/14 03:22:26
A survey released by Federal Reserve on Monday tells a grim story in numbers what millions of Americans have been feeling in reality for nearly ten years
The Survey of Consumer Finances, conducted every three years and covering a span from 2007 to 2010, documents steep declines in family income and an overall loss of wealth, mostly fueled by the collapse of the housing market in the US following the subprime mortgage crisis caused by Wall Street in 2008.
The three year period covered by the report followed almost a decade of overall stagnant wages that stemmed from the collapse of the Dot.com bubble in the late nineties.
“It’s why I think about it as a lost decade for families,” Mishel said.
Read More: http://www.commondreams.org/headline/2012/06/12-0
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- Tamara McMillan 2012/06/14 03:33:23
+1I watched on 60 minutes a very long time ago. . approx 8 yrs ago. . that manufacturing jobs for the blue collar workers and laborers was going to be a thing of the past in 10 years or so and I knew it was likely to be true then. . it has been. Too easy to get cheap labor; less rules . . less requirements reguarding how companies handle their waste. . less taxes. . why stay here? The middle-man non degreed person and middle income range will all be history here very very soon.reply - pdarkow 2012/06/14 03:27:17+1Thats what happens when congress gave the green light to every manufacturer to leave the united states and go to other countries without any consequense. They did that when they passed the North American Free Trade Agreement which lifted the tarriff on imports . That gave all the manufacturers the green light to pack up and leave to countries where they only have to pay like $2.00 an hour no benefits and those people in those countries will work 12-16 hour shifts and be as happy as it can getreply
