Quote:
Originally Posted by bumpa
The question is....will our children and grandchildren be fortunate enough to have the same economic conditions we had at their age? NO they will not. Most of us started working with 100% paid medical, many of us had well paid pension plans. We worked for companies where the CEO's were paid 20-30% more than their employees NOT 300% as it is today. We went to colleges that cost $1000-$2000 per year not $40000 and most of us left school without any significant debt. The conditions for today's economy were first established in the 80's with the war on Labor unions and the shift in tax rates, lower and middle class rates went up and the top rates came down from 50% in 1986 to 37% in 1988. Higher education costs have increased more than 170% over the last 40 years while middleclass incomes have increased by only 50% from 1970 to 2020. It isn't today's economy hurting our children it's the changes made years ago.
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The upper 1% have more wealth today than the entire middle class in the US. Some of the major factors are outsourcing to China and the devastation of labor unions. And income for the middle class in constant dollars has been ZERO from 1970 until a small increase in the last 2 years.