Quote:
Originally Posted by Guest
The middle class was making too much money, unions had gotten things so good, business couldn't afford US workers. So, they shipped the jobs overseas where they pay 1/10. Even with shipping from China, it's still cheaper to move production overseas. Americans priced themselves out of the market and corporation are greedy, that's what happened to the middle class. That and inflation. Inflation caused prices to rise so much that two incomes were needed where one used to be good enough. That's my guess...
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Does this seem accurate?
Distribution of net worth in the United States (2007).[13] The net wealth of many people in the lowest 20% is negative because of debt.[13] By 2014 the wealth gap deepened.
Top 1% (34.6%)
Next 4% (27.3%)
Next 5% (11.2%)
Next 10% (12%)
Upper Middle 20% (10.9%)
Middle 20% (4%)
Bottom 40% (0.2%)
http://www.levyinstitute.org/pubs/wp_589.pdf
It's dated but the trend is not going in a better direction for the middle class.