Source: Know More
While US Middle Class Falters, Global Middle Class is Growing
January 21, 2015 12:00pm by Barry Ritholtz
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US workers are sacrificing to build the middle class in the developing world.
Financiers, their enablers and politicians are not joining in the sacrifice.
After thirty years of Reaganism are you ready for change?
Obama has set us on the right path starting with coverage of pre-existing conditions so you’re not a slave to a job. Middle class tax cuts NOT more for the rich is the way to prosperity. You think the Google guys, Zuckerberg thought about their long term capital gains taxes for a single second bedore starting their world beaters?
Obama?? Jezuz. You do know that he is negotiating the new NAFTA, the Trans Pacific Partnership, (in secret!) that will further erode the status of whatever is left of the American middle class? Did ya see the State of the Union the other night? He actually had all the Republicans cheering at the mention of that one. Really. Such a sham. And you and his puppies in the media hold up that stinking pile of you know what called the Affordable Care Act (aka Pelosicare) as some sort of evidence that he and his party cares for the average schmoe. Yay! Free community college! That’s going to close the gap! Good lord.
Unfortunately the current choice is between the bad and the truly horrible. Abandoning tax expenditures on the 1%’ers in order to give tax cuts to the middle class is better than the opposite even if it is much less than we would want.
Late breaking news!
http://www.bloomberg.com/news/2015-01-21/billionaire-greene-goes-long-on-u-s-while-bemoaning-jobs-crisis.html
“America’s lifestyle expectations are far too high and need to be adjusted so we have less things and a smaller, better existence,” Greene said in an interview today at the World Economic Forum in Davos, Switzerland. Right after he got off his trans-oceanic private plane flight.
Mr. Greene’s record of social justice activism and non-tax related charitable donations were not immediately available.
Over a 95 year time span, not very impressive, given the fact that a miniscule global elite garners so much of the income and controls so much of the wealth.
World population has nearly doubled since 1970, yet there is very little improvement in incomes at the lower end and only some improvement in incomes at the high end. The fall off at the high end looks much more like 1820 than it does like 1970, and would look even worse were it run out to include the highest earners.
So Barry, thoughts: How much of this is just the 3rd world reverting to the mean? In other words, is this a natural phenomenon that no US policy can really change – particularly in this global market?
Sigh, maybe this is “correct and just” in the long run. My fellow ‘Muricans and I consume something like what, ?20% of the world’s resources? and only we’re like 5% of the population?