In 1988 the average American made about 33,400. Twenty years later, in 2008, the average income for an American was 33,000. Pretty much the same. Yet, the 1 percent of America that make over 380,000 dollar a year have been making more money. Their salaries have gone up about 33 percent over the past twenty years while the 90 percent of middle class's salaries have remained stagnant and around the same amount. Globalization has brought millions out of poverty in many other developing nations but that really isn't the case here in the United States for middle class workers. Factory workers have had their jobs shipped to other countries where labor is a lot cheaper. This puts a lot of pressure onto American worker's wages.
The wealthiest people in the United States have been capitalizing and driving a huge wedge inbetween them and the rest of the country.
"With a global economy, people who have extraordinary skills... whether they be in financial services, technology, entertainment or media, have a bigger place to play and be rewarded from," said Alan Johnson, a Wall Street compensation consultant.
Differences between wages for a college educated worker versus high school graduate worker has widened significantly since the 1980's.
In 1980, workers with a high school diploma earned about 71% of what college educated workers made. In 2010, that number fell to just 55%. The unemployment rate still too high and the real estate market has been showing some signs of coming back. The middle class is still feeling from the effects of the recession. I say there should be a higher luxury tax and higher state taxes for rich people. Just saying.
http://money.cnn.com/2011/02/16/news/economy/middle_class/
No comments:
Post a Comment