How the middle class became the underclass

Sunrise wrote:And yet they get tax breaks.

America is pathetic: In 1988, the income of an average American taxpayer was $33,400, adjusted for inflation. Fast forward 20 years, and not much had changed: The average income was still just $33,000 in 2008, according to IRS data.

Yet the price of everything has increased in 20 years.

ET wrote:http://money.cnn.com/2011/02/16/news/economy/middle_class/index.htm
Just thought I would post this anyway..from CNN, Ali Velshi.
We all know...what else is new?
e

mrgolf wrote:

ET wrote:http://money.cnn.com/2011/02/16/news/economy/middle_class/index.htm
Just thought I would post this anyway..from CNN, Ali Velshi.
We all know...what else is new?
e

International competition is another factor. While globalization has lifted millions out of poverty in developing nations, it hasn't exactly been a win for middle class workers in the U.S.

Factory workers have seen many of their jobs shipped to other countries where labor is cheaper, putting more downward pressure on American wages.

"As we became more connected to China, that poses the question of whether our wages are being set in Beijing," Rodgers said.

Finding it harder to compete with cheaper manufacturing costs abroad, the U.S. has emerged as primarily a services-producing economy. That trend has created a cultural shift in the job skills American employers are looking for.