What? The chart shows average inflation adjusted income of the middle class family. Since middle-class is defined as the middle 20%, upper 1 or 2 % has no bearing on it. And it isn’t my graph. I just grabbed the first thing I found to dispel your idiotic assertion that globalization has failed our middle class. While it is true that some middle class professions are not what they once were in this country, in general the middle class continues to fare very well.
No, the chart shows average income of all US households and labels it “middle class”.
Before taxes.
No it does not. It shows only the average income for the middle quintile, or 20%. It also shows both pre and post taxes. After federal taxes, the inflation-adjusted average income of U.S. middle-income households rose from $46,500 in 1979 to $65,900 in 2016. This is only for the middle quintile.
You’re right, but your graph doesn’t agree with this statement which is what I was saying was the average income of the whole US population.
For a long study one can read the book “Capital in the 21st Century” which was written in 2013 and is an exhaustive study. Though criticized when it first came out the critics have been proved wrong as time has passed. To be sure increasing wealth inequality results in the concentrated power of a few over the many and destroys democracy. That is a historical fact.
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This is incorrect.
For many, if not most, Americans real wages have gone down. This phenomenon is often called “the hollowing out of the middle class.”
Certainly, real wages, job security, and benefits, have gone down for most Mariners. We make three times as many dollars as we did in the1980’s, but those dollars only buy half as much as they did in the 1980’s.
Up until Reagan closed the Marine Hospitals about 1980, mariners got “free” (but admittedly low quality) government healthcare. Most private employers of any size provided good health insurance benefits in the 80’s. Now, many employers run a scam where it takes a Mariner three to six months to get on the company health insurance. Often just in time for a seasonal layoff and stopping benefits within 30 days. $500 deductibles have become $5000 deductibles. Lots of doctors are “out of network” so the insurance only pays 50% after you pay the first $5,000. Insurance usually has some excuse not to pay a significant percentage of what you expected it too. Since the 80’s Mariners have gone from “free” or low cost healthcare, to high cost or no healthcare.
Except for the government, and a few unions, defined benefit pensions, that is, real pensions, have virtually disappeared in recent decades. A small percentage of today’s mariners will get a real pension.
In past decades, most wealth was created by real estate. Now real estate, even just owning your own home, is no longer much of a wealth creator. Today, most wealth is created in the stock market, but it’s just a big casino and the game is rigged in favor of the house, and the 1%.
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