Don't blame the rich, the middle class brought decline on itself.
The middle class has made conscious decisions to be debtors rather an savers or investors.
There was an article on ZeroHedge stating that only 48 percent of Americans can put their hands on $400 to deal with an emergency without having to borrow it or sell something.
Hard to blame anyone but the foolish poor when the former middle class can no longer put it hands on $400.
I bet a bunch of these cash poor families have multiple smart phones, cable TV, and cars a lot newer than whatI drive. Choosing not to eat out for a month would probably give most families that $400 emergency fund they lack.
Frugality, and an ethic of saving or investing, helped build the middle class as much as rising wages did. Those saving traits were gradually bred out of the middle class by slick marketing and easy credit.
First came the credit cards, then the student loans.
Hard to have an ascending middle class when the wealth it once accumulated now goes to pay debt; often debt acquired on stuff that's long gone, worn out, or completely unnecessary.
Hey Doug;
ReplyDeleteThat article is spot on....I will also add which helps the decline of the middle class is the tax policies of the government. The elitist want only themselves and poor people who owe their existence to the elitist and big government. The middle class has the power to tell the rich and the poor to pound sand...but with the policies of the "annointed" one and other democrats, the middle class is losing money and influence and becoming smaller.