I’m not American, so take what I say with a grain of salt, but I do think America is great country, or at least it was.
Somewhere over the past several decades, I think it kinda lost it way.
As part of that, America’s middle class has been in decline since the 1970s when jobs started shifting offshore.
Today, the wealth gap between middle-income and upper-income families is the widest on record, according to a report published by the Pew Research Center late last year.
“The wealth gap between America’s high income group and everyone else has reached record high levels since the economic recovery from the Great Recession of 2007-09, with a clear trajectory of increasing wealth for the upper-income families and no wealth growth for the middle- and lower-income families,” stated the report.
Between 1979 and 2012, the top 5 percent of American families saw their real incomes increase 74.9 percent, according to Census data. Over the same period, the lowest-income fifth saw a decrease in real income of 12.1 percent. The wealth of the top 0.1 percent is now equivalent to the combined wealth of the bottom 90 percent. And this inequality is growing. But their fate is bound up with how the other 99 percent live.
But as explored in the above video, the American middle class does remain a powerful force in the U.S.
So what does the future have in store for America’s middle class?
That’s difficult to answer, but to find out more about why the wealth of the top 0.1 percent in the U.S. is equivalent to the combined wealth of the bottom 90 percent see the video below.