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Half The Country Makes Less Than $27,520 A Year And 15 Other Signs The Middle Class Is Dying


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By Michael Snyder, on June 4th, 2014

If you make more than $27,520 a year at your job, you are doing better than half the country is. But you don't have to take my word for it, you can check out the latest wage statistics from the Social Security administration right here. But of course $27,520 a year will not allow you to live "the American Dream" in this day and age. After taxes, that breaks down to a good bit less than $2,000 a month.

You can't realistically pay a mortgage, make a car payment, afford health insurance and provide food, clothing and everything else your family needs for that much money. That is one of the reasons why both parents are working in most families today.

In fact, sometimes both parents are working multiple jobs in a desperate attempt to make ends meet. Over the years, the cost of living has risen steadily but our paychecks have not. This has resulted in a steady erosion of the middle class. Once upon a time, most American families could afford a nice home, a couple of cars and a nice vacation every year.

When I was growing up, it seemed like almost everyone was middle class. But now "the American Dream" is out of reach for more Americans than ever, and the middle class is dying right in front of our eyes.

One of the things that was great about America in the post-World War II era was that we developed a large, thriving middle class.

Until recent times, it always seemed like there were plenty of good jobs for people that were willing to be responsible and work hard. That was one of the big reasons why people wanted to come here from all over the world. They wanted to have a chance to live "the American Dream" too.

But now the American Dream is becoming a mirage for most people. No matter how hard they try, they just can't seem to achieve it.

And here are some hard numbers to back that assertion up. The following are 15 more signs that the middle class is dying...

#1 According to a brand new CNN poll, 59 percent of Americans believe that it has become impossible for most people to achieve the American Dream...

The American Dream is impossible to achieve in this country.

So say nearly 6 in 10 people who responded to CNNMoney's American Dream Poll, conducted by ORC International. They feel the dream -- however they define it -- is out of reach.

Young adults, age 18 to 34, are most likely to feel the dream is unattainable, with 63% saying it's impossible. This age group has suffered in the wake of the Great Recession, finding it hard to get good jobs.

#2 More Americans than ever believe that homeownership is not a key to long-term wealth and prosperity...

The great American Dream is dying. Even though many Americans still desire to own a home, they are losing faith in homeownership as a key to prosperity.

Nearly two-thirds of Americans, or 64%, believe they are less likely to build wealth by buying a home today than they were 20 or 30 years ago, according to a survey sponsored by non-profit MacArthur Foundation. And nearly 43% said buying a home is no longer a good long-term investment.

#3 Overall, the rate of homeownership in the United States has fallenfor eight years in a row, and it has now dropped to the lowest levelin 19 years.

#4 52 percent of Americans cannot even afford the house that they are living in right now...

"Over half of Americans (52%) have had to make at least one major sacrifice in order to cover their rent or mortgage over the last three years, according to the “How Housing Matters Survey,” which was commissioned by the nonprofit John D. and Catherine T. MacArthur Foundation and carried out by Hart Research Associates. These sacrifices includegetting a second job, deferring saving for retirement, cutting back on health care, running up credit card debt, or even moving to a less safe neighborhood or one with worse schools."

#5 According to the U.S. Census Bureau, only 36 percent of Americans under the age of 35 own a home. That is the lowest level that has ever been measured.

#6 Right now, approximately one out of every six men in the United States that are in their prime working years (25 to 54) do not have a job.

#7 The labor force participation rate for Americans from the age of 25 to the age of 29 has fallen to an all-time record low.

#8 The number of working age Americans that are not employed has increased by 27 million since the year 2000.

#9 According to the government's own numbers, about 20 percent of the families in the entire country do not have a single member that is employed at this point.

#10 This may sound crazy, but 25 percent of all American adults do not even have a single penny saved up for retirement.

#11 As I noted in one recent article, total consumer credit in the United States has increased by 22 percent over the past three years, and 56 percent of all Americans have "subprime credit" at this point.

#12 Major retailers are shutting down stores at the fastest pace that we have seen since the collapse of Lehman Brothers.

#13 It is hard to believe, but more than one out of every five children in the United States is living in poverty in 2014.

#14 According to one recent report, there are 49 million Americansthat are dealing with food insecurity right now.

#15 Overall, the U.S. poverty rate is up more than 30 percent since 1966. It looks like LBJ's war on poverty didn't work out too well after all.

Sadly, it does not appear that there is much hope on the horizon for the middle class. More good jobs are being shipped out of the countryand are being lost to technology every single day, and our politicians seem convinced that "business as usual" is the right course of action for our nation.

Unless something dramatic happens, it is going to become increasingly difficult to eke out a middle class existence as a "worker bee" in American society. The truth is that most big companies these days do not have any loyalty to their workers and really do not care what ends up happening to them.

To thrive in this kind of environment, new and different thinking is required. The paradigm of "go to college, get a job, stay loyal and retire after 30 years" has been shattered. The business world is more unstable now than it has been during any point in the post-World War II era, and we are all going to have to adjust.

So what advice would you give to people that are struggling out there right now? Please feel free to share your thoughts by posting a comment below...

http://theeconomiccollapseblog.com/archives/half-the-country-makes-less-than-27520-a-year-and-15-other-signs-the-middle-class-is-dying

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Fukkin Neil Boortz used to call these people "low-achievers" Made me wanna reach into the radio and punch 'em. If everybody was a Lawyer or Doctor, who's gonna do your dry cleaning, mow your yard or cook and serve you food?

At least some people try to make an honest living, while others earn no legal income whatsoever. Those are the people who are lazy fuks! Not low-wage working people

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Fukkin Neil Boortz used to call these people "low-achievers" Made me wanna reach into the radio and punch 'em. If everybody was a Lawyer or Doctor, who's gonna do your dry cleaning, mow your yard or cook and serve you food?

At least some people try to make an honest living, while others earn no legal income whatsoever. Those are the people who are lazy fuks! Not low-wage working people

exactly
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In the first paragraph he states that half the people make 27k and that

After taxes, that breaks down to a good bit less than $2,000 a month.

Since 47% pay no income tax, that means this article was written about the struggles of %3 of the population.

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In the first paragraph he states that half the people make 27k and that

Since 47% pay no income tax, that means this article was written about the struggles of %3 of the population.

Dude if you think only 3 percent of the population makes less than 27 K you are living in a land of make believe
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Dude if you think only 3 percent of the population makes less than 27 K you are living in a land of make believe

Reading is fundamental!

The article states that 50% of the population make less than 27k.

He then tries to make it sound worse by saying that after taxes, 27k is only 2k a month.

Since 47% of the %50 pay no taxes, that means this article is about the struggles of 3% of the population who make 27K and pay taxes.

simple math.

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Reading is fundamental!

The article states that 50% of the population make less than 27k.

He then tries to make it sound worse by saying that after taxes, 27k is only 2k a month.

Since 47% of the %50 pay no taxes, that means this article is about the struggles of 3% of the population who make 27K and pay taxes.

simple math.

Doozer thinks 47% pay "no" taxes (his own words). The two articles I posted explain why he is wrong.

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Only liberals are surprised that the "war on poverty" made things worse.

I copied and pasted the article, the source links in the article didn't transfer...if you click the link, the writer has SEVERAL quality sources.

There's a difference between acquiring facts and doing research. He's stating the numbers, but not the reasons behind them. In one case (#2), his limited perspective pushes him to make a wrong conclusion.

It's a propaganda piece to incite outrage based on a faulty conclusion: that home-ownership is the primary indicator in defining prosperity. It's a narrow minded article.

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Reading is fundamental!

The article states that 50% of the population make less than 27k.

He then tries to make it sound worse by saying that after taxes, 27k is only 2k a month.

Since 47% of the %50 pay no taxes, that means this article is about the struggles of 3% of the population who make 27K and pay taxes.

simple math.

Dude, some people get a refund of the Federal taxes they pay, but not FICA or Medicare, plus they do take fed taxes out, so they have to wait a year for a refund.

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Any way you stack it, something is Rotten in Denmark...errr, the US.

http://www.huffingtonpost.com/2013/04/15/income-distribution-visualizing-economics_n_3044892.html

Income re-distribution is no the answer. Reigning in corporate greed is. Capitalism has become an ugly word for a lot of Americans and I blame greedy companies who stagnate worker wages while doling out huge bonuses and raises to upper management.

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Dude, some people get a refund of the Federal taxes they pay, but not FICA or Medicare, plus they do take fed taxes out, so they have to wait a year for a refund.

That does not change the fact that the article is only talking about 3% of the population.

If he had wanted to talk about the people making less than 27k not being able to afford homes, then maybe he should leave the part about taxes out of it, since he also fails to mention housing, food, and other subsidies the poor already receive...

Bottom line: What exactly is he advocating? A policy to force banks into giving home loans to people who can't afford them?

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That does not change the fact that the article is only talking about 3% of the population.

If he had wanted to talk about the people making less than 27k not being able to afford homes, then maybe he should leave the part about taxes out of it, since he also fails to mention housing, food, and other subsidies the poor already receive...

Bottom line: What exactly is he advocating? A policy to force banks into giving home loans to people who can't afford them?

I don't see him advocating anything. Just pointing out how ****** up things have gotten.

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