The portion of American families living in middle-income neighborhoods has declined significantly since 1970, according to a new study, as rising income inequality left a growing share of families in neighborhoods that are mostly low-income or mostly affluent.
“The middle class really means you are beginning to have more disposable income, not living at a subsistence level. If you think about what drives our current economy, its people’s ability to buy goods and services in the marketplace. With the loss of disposable income which comes with a declining middle class, you have begun to put kinks in the economic engine we all rely on.”
The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace.
Here are the statistics to prove it:
- • 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
- • 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007. Read more.....