Tuesday, April 22, 2014

The Economy - Squeezed Middle Class

The New York Times has a story on how the middle class has not had a wage increase in over a decade. In contrast Canada and a host of other industrialized countries have seen double digit increases over the same time period. As a result, the middle class in the U.S. is no longer the wealthiest on the planet. The middle class in the U.S. is no longer the best paid, no longer has the best benefits, and no longer has the highest amount of overall wealth (savings, investments, equity, etc…). Add to this the reality that prices have skyrocketed across the board, and the middle class is being squeezed like it never has before. If something does not bring relief to the middle class soon, it will continue to fall and bring the rest of the U.S. economy down with it. Why? Because there are not enough "rich" households to make up the difference.

What do you think?

http://www.nytimes.com/2014/04/23/upshot/the-american-middle-class-is-no-longer-the-worlds-richest.html?hp&_r=0