Middle Class Death Watch: 28% of Americans Who Were Part of the Middle Class Have Fallen Out

[stockholmer]

http://ampedstatus.org/middle-class-death-watch/

Editor’s Note: This is our first Middle Class Death Watch roundup. Building off of our extensive report on the financial destruction of the United States, http://ampedstatus.org/exclusive-analysis-of-financial-terrorism-in-america-over-1-million-deaths-annually-62-million-people-with-zero-net-worth-as-the-economic-elite-make-off-with-46-trillion/ this will be a regular feature moving forward. Here we present a collection of news reports from the past two weeks detailing the collapse of the middle class.

Overall Snapshot Middle-Class Americans Often Fall Down Economic Ladder: Study – nearly a third of Americans who were part of the middle class have fallen out of it. http://www.huffingtonpost.com/2011/09/07/middle-class_n_952244.html

The promise of the American dream has given many hope that they themselves could one day rise up the economic ladder. But according to a study released those already in financially-stable circumstances should fear falling down a few rungs too. The study… found that nearly a third of Americans who were part of the middle class as teenagers in the 1970s have fallen out of it as adults… its findings suggest the relative ease with which people in the U.S. can end up in low-income, low-opportunity lifestyles — even if they started out with a number of advantages. Though the American middle class has been repeatedly invoked as a key factor in any economic turnaround, numerous reports have suggested that the middle class enjoys less existential security than it did a generation ago, thanks to stagnating incomes and the decline of the industrial sector.”

Downward Mobility from the Middle Class: Waking Up from the American Dream http://www.economicmobility.org/assets/pdfs/MiddleClassReport.pdf

“The idea that children will grow up to be better off than their parents is a central component of the American Dream, and sustains American optimism. However, Downward Mobility from the Middle Class: Waking up from the American Dream finds that a middle-class upbringing does not guarantee the same status over the course of a lifetime. A third of Americans raised in the middle class—defined here as those between the 30th and 70th percentiles of the income distribution—fall out of the middle as adults.”

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massive amount more at http://ampedstatus.org/middle-class-death-watch/

[Safetykitten]

1. My list:

Sister was making 90,000 as professional. Out of work four years, juggled cobra to get to retiremnet age. Lost house.

Niece, taking care of mother, out of work three years. Finally found 11 buck an hour job at bank.

Brother is Union plumber. No work, and is losing house.

Sister, government employee. Lost job. Works from home doing paralegal work...for swamped bankruptcy lawyers.

Nephew, no job.

Nephew, no job.

Niece, lost job, now going to school for masters in Nursing.

Sister, lost job after 22 years when takeover company drove firm into ground. Works for half of what she made and job is killing her.

Sister, medical problems, takes in renters in house.

Friend, lost job in career. No work for last three years. Works in call center for 10 bucks an hour. Used to make 60 grand.

Friend, still at firm, works only when billable work is there. Works about 12 hours a week, and as bonus has HC cut to bones at firm.

Friend, 100 grand a year, no work last three years.

Friend in design profession. No work in last four years. Wife makes ends meet by working as a teacher and she is working 12 hour days.

Friend in design profession, 60 grand, now works at landscape design/maintenence firm. Minimum wage.

Client, 120 grand. No job for last three years. still looking and networking...

Shall I go on?

Oh and I will pre-thank all concerned with the, why did they do that profession, they don't have college degrees/they do have college degrees, there are things for that/people like that, they are stupid, they should move, they should not move and network more, they should be happy for coming HCR fairy, they should take classes, welding is good career, and the basic "why can't they just" comments.

[stockholmer]

3. wow, is all I can say. Are there any positive stories from your friends/family?

:pals:

[Safetykitten]

4. That's not even the half of it.

[GreenPartyVoter]

5. Damn! *hugs to your family and friends* It's not about "Why didn't they do xyz?" It's about

why can't our economy support its workers. The fault lies with the rulers, not the serfs they've turned us into.

[Safetykitten]

6. Thanks for the good thoughts. It has been very tough since this all began...

I am actually doing very well. I went from a high of 85 grand a year to a 10 buck an hour job.

I consider myself fortunate, as there ARE NO JOBS.

Everyday I am at work, I watch people coming in and asking if there are jobs. It is heartbreaking.

[GreenPartyVoter]

7. It's an invisible depression. ONly the people on the ground can see it. It's not really covered by

the media. Not like it should be. And no surprise there since the media tends to be owned by businesses. *sigh*

[Safetykitten]

8. True, it's like it is not happening. The Boston/DC corridor is clueless about other regions...

like the West.

This is why we will be hammered in 2012. Then the "Wow, I had no IDEA!"

[GreenPartyVoter]

11. Most of the people in Congress and the Admin are well-off, and therefore tone-deaf.

[DefenseLawyer]

2. A crazy old man once referred to "a giant sucking sound"

But he was crazy.

[underpants]

9. Yes we made fun of him - everyone did - SNL finished him off

can't listen to the old crazy guy ... nope


Perot was right and we were not only purposely distracted from really considering what he had to say but we also ridiculed him.

[GreenPartyVoter]

12. His ears and voice were more important than what he had to say. :^(

[bbgrunt]

13. not only did crazy old guy get pummelled, but

as soon as Clinton took over, he spent mega political capital on getting NAFTA passed as his first priority.

[SammyWinstonJack]

14. Yes and what we need is MORE 'free' trade agreements, which Obama seems more than

willing to provide for us.

Isn't he just Neat-O? :puke:

[underpants]

10. Wow since Jan. 20 2009 too

:sarcasm:

[FirstLight]

15. I guess t.hat fits me too

I was raised upper-middle-class, dad worked for the phone co for 35 years, he built our house, and bought some property.
we nev er took big vacations, in fact his penny-pinching is part of the reason they are not freaking out now in their elder years. they are comfortable, but still have lost significantly since the downturn.

my sister has done the 'right thing' by working in jobs long term...got a good gig out of highschool and trained on the job, company went under and she is now lucky to have a new position making about 2/3 what she used to...she has no right to botch, no degree and at least she has a job. She is still thinking she can find something better, she has no clue about how bad things are on the streets. Her and hubby have lived high on the hog because of credit cards, they own their house but are definitely in the hole and her losing her job made things harder for them...but they are not yet in dire straits.

Me? All kind of poverty here. Went back to school in 2010 to no avail, and now I am working part time and freelancing to eeeke by...but if it wasn't for HUD, TANF and Foodstamps, I'd be screwn.

My teenqage son is all but giving up...no hope no job, no direction. Went to community college, but without positive attitude is flunking out... i know his whole life is just "what's the point?" at this rate he may end up trying to join the military.

so have we devolved over three generations? youbecha

[Pooka Fey]

16. K&R