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Title: Middle-Class Families In Worse Shape Than Ever, Study Finds
Source:
Reuters
URL Source: http://money.cnn.com/2006/09/28/new ... s.reut/?postversion=2006092816
Published: Sep 29, 2006
Author: Reuters
Post Date: 2006-09-29 19:22:04 by Brian S
Keywords: None
Views: 95
Comments: 12
Typical families have not stashed enough money; struggling to pay for home, insurance, and education according to Center for American Progress. September 28 2006: 4:41 PM EDT WASHINGTON (Reuters) -- The typical double-income family is worse off financially than ever, a study released Thursday said, warning that few Americans have saved enough to brace for financial setbacks. Middle-class families are struggling to pay for a home, health insurance, transportation and their children's college with wages that have not kept pace with higher prices, according to the study by a think tank headed by a former top aide to President Bill Clinton. The middle class's financial condition has been a key issue ahead of the November elections, as Democrats warn that this group is fast losing economic ground amid skyrocketing prices and tax cuts that offer them little benefit. "In our estimates, it's becoming harder for families to afford what we consider a typical middle-class lifestyle," said economist Christian Weller of the Center for American Progress, the political think tank headed by John Podesta, a former Clinton chief of staff. Weller cautioned that while Americans are taking on more debt to cover higher costs, wages have not kept pace. The majority of Americans have not socked away enough money to brace for financial setbacks such as a job loss or a medical emergency. According to the study, less than a third of all American families have accumulated income equaling three months of their wages. The trend is particularly pronounced among the 60 percent income distribution that makes up the middle class: those with dual incomes earning from $18,500 to $88,030 a year. From 2001 to 2004, the proportion of middle-class families that has saved three months' worth of income dropped to 18.3 percent from 28.8 percent, the study said. Higher prices for a range of things - including health care, energy, transportation, food and education - have put Americans in this position as corporate profits have risen, the study said. It said, that five years into the current economic recovery, average job growth is one-fifth that of previous business cycles and wages are flat when inflation is factored into the equation. To maintain day-to-day consumption, families have taken on a record amount of debt, equal to 126.4 percent of disposable income in the first quarter of 2006, according to the study. Commenting on the study, SEIU Labor Union President Andy Stern said, "Of the total amount of our economy and income, we have the greatest share going to profits in modern history and the least amount going to wages in modern history." "For most working Americans, things are far worse than any time certainly in recent history and at a time of an incredibly growing economy." said Stern, whose union represents 1.1 million health care workers.
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#1. To: Brian S (#0)
Paging badstye.
~~
Dual incomes earning $18,500 is 'middle class'??? Maybe if you live in a cardboard box without cable.
Corporate executives are making millions while their companies file for bankruptcy and they lay off workers and ask others to take a significantly lower salary. Executives wages are going up while everyone else’s goes down. Why stockholders put up with this is beyond me, unless of course they are just lackeys for the elite and the executives jobs is to get the average worker thankful to have a slave salary.
God is always good! Try being a SINGLE income middle class family. If this takes Badeye down with the rest of us, it will be worth it, though. He's going to have a good time watching Ohio go ALL DEM.
Because the profits go to top execs, the board, and shareholders. The latter can see into the future only one quarter, and could care less what happens to the company. If it starts to go down, they'll sell their stock, take their paper profit, and go on to the next company that promises to gut itself to maximize share value and dividends. Remember, the people who actually make stuff are cost centers; the top executives, no matter their real contribution to the company, are profit centers, since they get to define cost and profit. The ideal company these days is something that doesn't make a thing, doesn't contribute anything to the economy, but has constantly rising stock.
The name for that, my friend, was Enron.
The Talmudic Khazar-Jew dream; Christians killing Muslims and Muslims killing Christians. What could be better than that? Well, Whites killing non-Whites and non-Whites killing Whites, of course.
the people who wrote this study have never heard you speak. Otherwise, they wouldn't have done this study it seems.
Our store manager makes $20,000, plus $2000 or so bonus (cash). I think his wife makes more, but her job isn't nearly as fun. (They have a tv, great stereo, cd players, radio, free popcorn, dinner once a week).
Perhaps I misunderstood...when they said 'dual income of $18,500'; I thought they meant that husband and wife made $9,250 EACH...oops.
I think that's exactly what was meant.
VIDEO: Brother, Can You Spare A Job? At the social security reform conference in Omaha, Nebraska, talking with audience participants, Bush met Mary Mornin, a woman in her late fifties who told Bush she was a divorced mother of three, including a 'mentally challenged' son. Bush comforted Mornin on the secrity of social security stating that 'the promises made will be kept by the government.' But without prompting, Mornin began to elaborate on her life circumstances in the course of their discussion. VIDEO: http://www.whitehouse.gov/news/releases/2005/02/20050204-3.html Begin transcript: MS. MORNIN: That's good, because I work three jobs and I feel like I contribute. BUSH: You work three jobs? MS. MORNIN: Three jobs, yes. BUSH: Uniquely American, isn't it? I mean, that is fantastic that you're doing that. (Applause.) Get any sleep? (Laughter.) Press 1 for English, Press 2 for English, Press 3 for deportation
Middle class families? They don't care. Thousands of people like this are moving and shaking.
Press 1 for English, Press 2 for English, Press 3 for deportation
#2. To: Brian S (#0)
The trend is particularly pronounced among the 60 percent income distribution that makes up the middle class: those with dual incomes earning from $18,500 to $88,030 a year.
Remember...G-d saved more animals than people on the ark. www.siameserescue.org
#3. To: Brian S (#0)
Commenting on the study, SEIU Labor Union President Andy Stern said, "Of the total amount of our economy and income, we have the greatest share going to profits in modern history and the least amount going to wages in modern history."
"It was an interesting day." - President Bush, recalling 9/11 [White House, 1/5/02]
#4. To: Brian S (#0)
#5. To: RickyJ (#3)
Why stockholders put up with this is beyond me,
#6. To: Mekons4, ALL (#5)
The ideal company these days is something that doesn't make a thing, doesn't contribute anything to the economy, but has constantly rising stock.
#7. To: Badeye After Five (#0)
#8. To: who knows what evil (#2)
Dual incomes earning $18,500 is 'middle class'??? Maybe if you live in a cardboard box without cable.
#9. To: tom007 (#8)
Our store manager makes $20,000, plus $2000 or so bonus (cash). I think his wife makes more, but her job isn't nearly as fun. (They have a tv, great stereo, cd players, radio, free popcorn, dinner once a week).
Remember...G-d saved more animals than people on the ark. www.siameserescue.org
#10. To: who knows what evil (#9)
(Edited)
when they said 'dual income of $18,500'; I thought they meant that husband and wife made $9,250 EACH...oops.
#11. To: Brian S (#0)
#12. To: Brian S, christine, robin (#0)
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