Why is the middle class getting turning into the working poor?

Answer 1

The rich get richer,tax breaks,incentives,money markets etc. some one must pay for it all.The poor have nothing so it's got to come from somewhere

Answer 2

They are not. Anyone with any sense of reality can see that Americans are living a life of incredible abundance compared with any past standards, and there is nothing slowing that down. That's why we're fat, why everyone is out buying widescreen HDTVs, why everyone has 4 iPods, why everyone is playing World of Warcraft.

We have everything people had 10 years ago, and spend much of our money on entirely new things that didn't exist 10 year ago. That is how fast we are getting richer.

Meanwhile the big financial scandal of the day results from the fact that people with bad credit ratings were allowed to buy houses at low interest rates. Even the poorest of the working poor have been doing something previously unavailable to them -- buying houses.

Answer 3

OK Larry its time to go back to Econ 101...The current tax breaks under Bush have actually caused tax revenue as reported by the IRS to INCREASE! You are a flippin idiot...check out fair tax...why the hell should the people who have worked for their money be required to give more to the inefficient? I'm not against helping those in need, but I hate lazy people...the richest 1% pay 20% of this country's tax...
But thank you Larry for being an idiot...My husband is a CPA with a masters in tax and you are keeping us wealthy

Oh and outsourcing American Jobs??? Here we go, try to keep up...When some other country can do something more efficiently than us it means that they have a competitive advantage...if we use taxes and tariffs to try to keep those jobs here we are benefiting the few at the expense of the whole...when jobs like sewing buttons on shirts moves to Malaysia they work towards capitalism and it opens up our workforce to be educated in other things like computers...and Larry what do you think makes more money - shirt stitching or computers?

Answer 4

It comes from a concerted effort to destroy the middle class by way of----
record national debt and increased tax burdens on the middle class (the rich have had record tax breaks put into place while the government has been in a record setting "debt spending" run )

The outsourcing of American jobs ( this is having major government help by way of all kinds of breaks for companies choosing this option for their manufacturing and blue collar workers--- even though they SAY that they're not)

And, the fact that the economy has been set to favor the wealthy for quite some time now--- the cost of living FAR outstripping the middle classes' ability to keep up !!

Answer 5

Well... there are two ways of becoming richer. You can either make more money, *or* you can make your money have more buying power. Wealth is the discrepancy in purchasing power, and the ability to pay a smaller percentage of your income for labor. So if you can decrease the average income of the middle class, then the purchasing power of the wealthy increases, and they can purchase more fruits of the labor of the "lower" classes.