The future doesn't look very bright for America's ever-dwindling middle class. The latest figures from the Social Security Administration (SSA) reveal that nearly half of the country now makes less than $28,031 annually, while nearly 40 percent of the population makes less than $20,000 per year, which is well below the middle-class threshold.
To give you a better idea of what this means: An individual working a full-time job at $10 per hour makes roughly $20,000 a year. Most $10-per-hour jobs are in sectors like retail or fast food, which means that nearly half of all working-age individuals in America today are flipping burgers or selling clothes at the mall just to make a living.
While some jobs have admittedly been recovered since the last recession wave, they are not of the same caliber as the jobs that were lost, based on this data. In other words, the jobs that were eliminated tended to pay more than the jobs that replaced them, a trend that continues as the economic state of America continues to decline.
"[I]t has been estimated that the jobs that have been created since the last recession pay an average of 23 percent less than the jobs that were lost," explains Zero Hedge. "We are witnessing the slow-motion destruction of the middle class, and very few of our leaders seem to care."
Americans worse off this year compared to last The same data suggest that the average yearly wage in the U.S. has increased to $43,041, which would imply that things may be on the up-and-up. But after accounting for inflation, this amount is technically less than it was last year -- down $79, in fact, when measured in terms of 2013 dollars, which were worth more than 2014 dollars.
Compared to 2007 dollars, this represents a $508 loss, illustrating the devastating effects of currency inflation and the corrupt fiat system in general. Among 60 levels of worker pay evaluated in the government report, 59 of those levels saw average pay decreases.
"Flat or declining average pay is a major reason so many Americans feel that the Great Recession never ended for them," adds Zero Hedge, quoting from another source. "A severe job shortage compounds that misery not just for workers but also for businesses trying to profit from selling goods and services."
Average pay for multi-millionaires increased dramatically Meanwhile, those making more than $50 million annually saw dramatic increases in their bottom line this year -- all on the backs of the poor, of course. According to the same SSA report, folks in this "uber-rich" category saw pay increases of about $12.8 million, while nearly three-quarters of the rest of the country is barely getting by on less than $50,000 annually.
The gap is clearly widening between the rich and the poor as ruthless cronies playing a rigged game continue to rob working folks of their incomes and livelihoods under the guise of "capitalism." One day, the masses will wake up to this monumental scam that is leaving them destitute, but until then, the rich will continue to get richer while the poor will get progressively poorer.
"Our politicians have stood by as millions upon millions of good paying jobs have been shipped out of the country," adds Zero Hedge. "Millions of other middle class jobs have been lost to technology. This has resulted in intense competition for the middle class jobs that remain."
The median income is $28,031 a year which is just under $14 an hour.
But that is driven higher by 31 million federal, state and local government workers.