The real story is the elimination of middle class America.
Rising cost of living increases are and have been way above the median income increases for some time now.
"Over the past 30 years most people have seen only modest salary increases: the average annual salary in America, expressed in 1998 dollars (that is, adjusted for inflation), rose from $32,522 in 1970 to $35,864 in 1999. That's about a 10 percent increase over 29 years -- progress, but not much. Over the same period, however, according to Fortune magazine, the average real annual compensation of the top 100 C.E.O.'s went from $1.3 million -- 39 times the pay of an average worker -- to $37.5 million, more than 1,000 times the pay of ordinary workers."
Predatory lending 4 years back to those that no way would fit the criteria stability wise prior to the start of such lending or in today's market for mortgages, credit cards, home equity loans, etc.
Rising cost of what one could consider the blood of America ( petroleum based products ) has and will leave families living in cold homes, Property taxes rising endlessly ( taxation w/o representation )
A loaf of bread 20 years ago could be had for a dollar or more, today it's $3.29 for a loaf of decent bread where I live. The price of food is climbing fast as well. Those on welfare ( the poor ) don't worry about food prices because I'm buying it for them with my (Mr. middle class ) tax dollars.
But when all this breaks and we are now the poor where are those tax dollars going to come from ? Not the rich, they get tax breaks and there will be only so many of them compared to the number of poor, so that system will break down and completely dissolve with no middle class to pay into it.
All of the above will see once home owning families giving up their homes and moving backwards into apartments stacked up one upon another like dogs in a massive kennel.
The rural communities will be razed and turned into golf courses or strip malls or factories where the new poor will toil and the country will again rise to be an industrial power because of the corporations new source of abundant cheap labor, the ex middle class.
I said it in a post a couple of years ago, "third world here we come"
Re: A story worth reading
Member #: 34570
Registered: 11/22/2004
Posted:
2050
Name:
Dan Gerson
Name:
Dan Gerson
Company:
No mas cable
Occupation:
Paying bills
Location:
Sunny SW Florida.
Personal:
early 60s
Experience:
~28 years
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