Summary
Layoffs, foreign competition and corporate welfare have all caused a decline in household income for many families, and almost eliminated the middle class. The Census Bureau reported that 67.2% of households earned less than $45,000 in 1994, and 20% of households held 85% of the nation's net worth.
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Extract
The myth of the middle class.
The American middle class has disappeared. Despite frequent reference to "the middle class" by commentators and columnist, statistical evidence does not support the conventional wisdom of a vast middle class.
Downward pressures upon middle incomes began to appear in the 1970s when high inflation and a sluggish economy--stagflation--began to erode purchasing power. A trend was developing, but it was camouflaged by the growing number of two income families, an effective social safety net, and a two pronged corporate policy of loyalty to workers and support for community endeavors. A recent Census Bureau report (see Table I) provided conclusive pro...See the full content of this document
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