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  • save_theusa save_theusa Aug 22, 2012 4:43 PM Flag

    OT-War on the Middle Class

    I had a hard time subpressing my disdain when members of the press and the Republicans labled the Occupy Wall Street's concern over the growing wealth and power of the top 1% as "class warfare".

    What about the war on the middle class:

    A new study released by the Census Bureau and the Federal Reserve found:

    1. In 1970, the share of U.S. income that went to the middle class was 62%, while the top 25% held 29%. But by 2010, the middle class garnered 45% of the nation's income and the top 25% held 46%.

    2. Since 2000, the median income for America's middle class had dropped from $72,956 to $69,487.

    3. About 42% of the middle class indicate their financial situation is worse now than before the recession began

    4. Median net worth for the middle class over the past decade fell 28% from $129,000 in 2001 to $93,000, wiping out two decades of gains. During the same period, Upper income families net worth edged higher from $569,000 to $574,000. the bottom 25% of American's saw their net worth decline 45% to $10,000.

    This is during a time when corporate balance sheets have grown to a record $5.1 trillion and the major investment banks have prospered despite gross mismanagement.

    Wake up America!

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    • You guys sound like a bunch of little kids trying to get out of trouble.... Bush did it! Bush Did it!!!

      Can we blame him for anything we dont like???

      I think it is Bush's fault that STX doesn't have a higher multiple

      Bush did it, Bush did it!!!

    • "good stuff vikes.."

      Yeah, still blaming Bush 4 years later. Absolutely good hilarious stuff.

      "they push crap that CAUSES more health problems than they cure.."

      Stop blaming Obama's FDA.

      "And of course no preventive medicine.."

      Says the IDIOT as he chokes down his daily cholesterol, high blood pressure, ant-inflammatory, diabetes, etc, etc, etc.
      Unfortunely they have to find a cure for idiot's fat head. Trillions spent on education and he's STILL an idiot.

      " I lost my wife to cancer"

      yes, the outrage that the INSURANCE companies paid hundreds of thousands to keep your terminal ill wife alive only for her die just like everyone; and then whining crying and sniveling about how much YOU had to contribute to keep her alive! You didn't like her much, did you?

      And even more incredible your answer is to STEAL the money from me, literally, at the point of a gun . FU you cheap SOB.

      Really, Al Quada ain't the enemy. You are.

    • "I lost my wife to cancer and did a multi-year run around with insurance and hospitals.. now I know way more than I wish I knew about the health care and hospice industry...actually had an increase of 50% in ONE YEAR on her insurance, due to yearly increase AND her turning 55, which kicked in another automatic increase for every 5 years in age...and having already started treatment, there was no way to seek another policy, had to just pay the 50% increase.. its just a MESS"

      Vuso:

      I have heard many similar stories to that of your wife. While I wish problems like you experienced onto no one, those screaming the loudest need to understand how badly broken our health care system is, instead of trying to defend it.

    • Avoiding getting hit up for hand-outs from welfare crack-ho daughters.

    • good stuff vikes..

      The health care issue is giagantic..Big pharma has corrupted so may doctors into drug pushers..

      they push crap that CAUSES more health problems than they cure..

      there is no desire to CURE anything, just treat symptoms indefinitly. And of course no preventive medicine..

      I lost my wife to cancer and did a multi-year run around with insurance and hospitals.. now I know way more than I wish I knew about the health care and hospice industry..

      actually had an increase of 50% in ONE YEAR on her insurance, due to yearly increase AND her turning 55, which kicked in another automatic increase for every 5 years in age..

      and having already started treatment, there was no way to seek another policy, had to just pay the 50% increase.. its just a MESS

    • "Again, who repealed Glass-Steagal? Where was the oversight during the Clinton years?"

      That's the primary reason Clinton is on my crap list, btw how many Republican's opposed the repeal, Ace?

      "The current administration simply enforced the laws after the events had taken place"

      While the previous administration for the most part ignored the corruption.

      "You can fault Bush for getting us into Iraq"

      Yep did we ever find those weapons of mass destruction? It was a phoney excuse , that's why Collin Powell left.

      Couple of points Ace about our medical system:

      1. Between 1982 and 2002, the America Association of Medical Schools with the approval of the AMA, held medical school enrollments basically constant, while the American population grew by 70 million. Who did that benefit?

      2. I retired a few years ago. My medical record was clean with no pre existing conditions. Had been to the doctor twice in the prior eight years, once for a shot. I enrolled in an Aetna plan, after four months with no claims they raised my rates 35%. Dropped Aetna went to Blue Cross, same thing happened despite no claims again. Can you say RIP-OFF?

      How many people who develop cancer and other serious diseases experience hassles with their insurer or see their coverage dropped?

      Simply shameful!

      Medical costs are out of control and will bankrupt this country. If rates rise at the same rate over the next ten years as in the prior ten years an average family of four will face annual insurance premiums of $45,000. Who is going to pay that? Think about that, ACE.

      If the health care indutry cannot control costs and the government should not be involved, I guess we should just let the health care industry bankrupt this country, eh Ace?

    • "Your math leaves something to be desired. How could Bush increase the annual deficit by $695B pa when his final (and largest) yearly deficit was $459B"

      Try this, Ace:

      In Clinton's last year, the US posted a $236 B surplus, $459 B + $236 B = $695 B.


      "Obama's unemployment rate in absolute terms is much higher than the Bush rate as you point out, not to mention much worse than Bush's rate at the end of his first term (that would be a fairer comparison, wouldn't it?...Obama's first term deficit will equal the entire 8 years of the Bush presidency with absolutely no end in sight"

      Obama inherited two wars, a recession, and the Bush tax cuts which account for the great majority of the deficits reported over the past four years versus Bush who inherited a strong economy. Plus, Obama has had to deal with a sick European economy, a collapsing housing market, higher energy prices, increased jobs going to Asia and an increasing number of baby boomers who are consuming far less and face age discrimination in company down sizing efforts.



      "How? By cutting taxes for the middle class"

      He also cut taxes for the rich which didn't need a tax cut.

    • Runt,

      Correct! The choice will be Obama-Biden not Romney-what's his name.
      If everyone votes then perhaps WE can get sanity back in the House of Representatives under a Democratic majority.

      CTG

    • I agree with your message generally but it might contain some mistakes and does not define the middle class. Is the middle class those who fall between 25% and 75% on the income scale? Is the lower class defined as the lower 25% of the income scale? Is the upper class defined as the upper 25% of the income scale? Why would it be true that the upper 25% of the income scale only controlled 29% of all income in 1970; that is probably understating their economic clout in 1970. Is it possibly fairly accurate for 2010 saying the top 25% controls 45% of all income? I think that may understate their relative level somewhat.
      Wealth statistics are even more skewed towards the rich.

      If you just used the top 1% you would see they at least doubled their share of personal income between 1970 and 2010. I do not know that share but it is probably at least 1500% of average personal income. Wealth statistics are even more unfair. And, the myth that one can do better here than in most other counries in starting poor and getting rich is just that a myth. Some people do do it and should be commended but the process has become exceptionally hard, especially compared to 50 years ago.

    • I really do not know what good it does to continue to look at Bush v. Obama. The choice the American people have is between Romney and Obama. In a much greater sense…it’s between two ideas. The collective v the individual…or….big government v. free choice/free markets. I only mentioned Clinton v Bush as it’s important to understand the economic dynamic of a given period of history.

      I am not here to defend the presidency of George Bush. Many conservatives…including myself …were very disappointed in Bush….especially his last two years. This is when he really ran up spending with his unfunded Medicare prescription program. This in fact was the very start of your beloved Tea Party movement. It only grew to national prominence after the federal bail out of Wall Street and the Auto industry.

      But much of the same criticism could be said for Obama. Many of his promises have gone unfulfilled. Closing Gitmo, Immigration Reform, transparency…..to name a few. Dodd-Frank actually did nothing to address “To big to fail”. He promised to reduce the deficit by 50% and keep unemployment under 8%. I will give him credit for deciding to kill Bin Laden rather than take him alive….but the real credit for finding Bin Laden should go to the Seals and the intelligence community which hunted him for 10 years.

      I’m no fan of HF trading either but it’s really not on the radar as a campaign issue. Sure…the US could tax and regulate it…but it will just move to Hong Kong or elsewhere. I agree that numerous high tech companies have been targeted by traders (HF and otherwise) but this has been going on for many years. You have many choices in sectors and in stocks....so you can avoid this with your investment choices if it bothers you that much.

      Really…..the choice the American people will make in November is more about the role of government…..rather than Obama v. Romney. Just like Bush Senior sunk his reelection chances by uttering “read my lips”…..Obama has sunk his when he got off script and said….”you didn’t build that”. It showed how little importance he gives to individual accomplishment and how he embraces the idea of the collective. He might as well said “From each according to his ability, to each according to his need”. His intent was the same.

      This is the choice the American people have to make…..and I believe they will make the right decision….this time.

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