This is a trend that has been fairly constant since the Reagan tax cuts and has been only enhanced by subsequent tax cuts. The middle class is smaller but of the households moving out, the ratio of those moving up to those moving down is 92/8.
http://www.freerepublic.com/focus/f-news/1229294/posts
http://www.nytimes.com/specials/downsize/21cox.html
http://www.bls.gov/opub/mlr/1988/05/art1full.pdf
http://www.frbsf.org/econrsrch/wklyltr/el97-07.html#winners
http://www.dallasfed.org/fed/annual/1999p/ar95.html
http://money.cnn.com/2005/05/25/pf/record_millionaires/index.htm?cnn=yes
http://money.cnn.com/2005/09/28/news/economy/millionaire_survey/index.htm?cnn=yes
http://money.cnn.com/2006/03/28/news/economy/millionaires/?cnn=yes
http://www.heritage.org/Research/Labor/bg1773.cfm
2007-06-20 07:07:29 · 10 answers · asked by Anonymous in Politics & Government ➔ Politics
OK I should believe you instead of the Census Bureau? Right.... that's YOU drinking the kool aid.
2007-06-20 07:38:05 · update #1
Doogie I guess you can't read.
2007-06-20 07:38:45 · update #2
OK pigeowdealer, apparently you can't read either - - - "middle class" is defined as households earning between 2X and 5X the poverty level, which is adjusted annually for inflation.
You can set the bar wherever you like - 6X, 7X, do it by wealth, do it for individuals, do it any way you want, it doesn't change the fact that the migration is upwards. Now maybe measured another way it's 90/10 or 95/5 instead of 92/8 but the trend is the same.
2007-06-20 07:43:25 · update #3
Kevorkian the housing market has nothing to do with the new millionaires, the figures exclude home equity - again, please read.
2007-06-20 07:48:34 · update #4
Feline if it's shrinking only because people are moving up out of it faster than they're moving up into it, not because there are many people moving down out of it, why is that bad?
2007-06-20 07:49:36 · update #5
Shhhh! Don't want to frighten the "the middle class is disappearing" crowd.
2007-06-20 07:11:18 · answer #1 · answered by mikehunt29 5 · 4⤊ 0⤋
None have been easily undesirable on the time of election, yet LIncoln wasn't wealthy or maybe greater center classification at start, neither replaced into Obama or Clinton. Carter did have a brilliant and useful peanut farm, on an identical time as he wasn't wealthy he could have been center classification. Truman owned a million/2 of a adult men's clothing save which went bankrupt. curiously he wasn't a great number of a businessman. He did, even with the undeniable fact that bypass directly to pay all the funds owed.
2016-12-08 14:40:29 · answer #2 · answered by ? 4 · 0⤊ 0⤋
A singificant factor here is our crazy housing market and aging population. Since Americans have been having fewer kids for 40 years now, and since the fertility reduction is concentrated in the middle class, the middle class is getting richer, as it get's older, and the houses that those older people finish paying off get more expensive, increasing thier net worth.
For the younger generations, OTOH, housing is a crushing expense, taxes are high, and jobs are fleeing the country faster than babyboomers retire.
What you'll see as the trend continues is the middle class shrinking (as the young fail to enter it, and the old die), and those who have 'moved up' moving 'back down' as they deplete thier retirement funds, tap thier net worth via reverse mortgages, and succumb to high healthcare costs.
2007-06-20 07:15:09 · answer #3 · answered by B.Kevorkian 7 · 1⤊ 1⤋
I think the key line here, amidst the links to right-wing web sites, is this:
"The middle class is smaller."
If the middle class is shrinking then that sounds like "shrinking." This post proves that point.
2007-06-20 07:39:08 · answer #4 · answered by feline11105 2 · 0⤊ 1⤋
Right China has prospered since Reagen
There emerging middle class has changed the demographics of Asia.
Go Team Red Go
2007-06-20 07:13:40 · answer #5 · answered by Anonymous · 2⤊ 3⤋
Sure. Lower the standard of rich to about $85,000 and forget to adjust for inflation.
Doesn't explain away why 5% of the US population used to own 85% of the wealth and in the last 5 years it dropped to 90%.
2007-06-20 07:13:41 · answer #6 · answered by Anonymous · 2⤊ 3⤋
It isn't. The middle class people I know are doing better and better financially.
2007-06-20 07:11:24 · answer #7 · answered by Sean 7 · 3⤊ 1⤋
It isn't...I love capitalism! Good Job!
2007-06-20 07:12:59 · answer #8 · answered by Erinyes 6 · 2⤊ 1⤋
This is only the case for kool-aid drinkers. The rest of us are seeing wealth moved to a smaller group of elites or overseas.
2007-06-20 07:10:50 · answer #9 · answered by Anonymous · 5⤊ 6⤋
pROVIDING A BUNCH OF LINKS SHOEWING YOU ARE A LIAR ONLY SHOWS YOU ARE A LIAR
2007-06-20 07:12:31 · answer #10 · answered by Anonymous · 2⤊ 4⤋