American middle class falling way behind rest of developed world | TigerDroppings.com

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TejasHorn
Texas Fan
High Plains Driftin'
Member since Mar 2007
3584 posts

American middle class falling way behind rest of developed world



quote:

The median wealth of families was $77,300 in 2010, a nearly 40% drop from 2007, according to Federal Reserve statistics.


quote:

Middle class Australians, by comparison, are leading the pack. The country's residents have the highest median net worth, coming in at $219,500. Australia also has low wealth inequality.


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Mr.Perfect
Louisiana
Member since Mar 2013
5387 posts

re: American middle class falling way behind rest of developed world


Are you looking for people to agree there is a war on the middle class? Because there is





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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
1471 posts

re: American middle class falling way behind rest of developed world


You can thank the real estate bubble for fooling Americans into thinking they were wealthier then they actually were, and the bust for showing them reality.





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90proofprofessional
LSU Fan
Member since Mar 2004
9545 posts

re: American middle class falling way behind rest of developed world


quote:

You can thank the real estate bubble

Also:
quote:

Those down under also have a mandatory retirement savings program, where they must squirrel away more than 9% of their income for their Golden Years

Social security entitlement is not part of net worth here (although calculating its value would be tricky.)






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JohnZeroQ
New Orleans Pelicans Fan
Pelicans of Lafourche
Member since Jan 2012
4849 posts

re: American middle class falling way behind rest of developed world


I know I'm poor already, thanks.





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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
9390 posts

re: American middle class falling way behind rest of developed world


I suspect we have higher median incomes. The problem is that we borrow like no one else.





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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22220 posts

re: American middle class falling way behind rest of developed world


The stats are BS. The US offers many welfare type benefits that greatly increases the actual wealth of our citizens. Australians are in a HUGE real estate bubble. last time I looked the average home was 8-10x their annual salary.





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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
20533 posts

re: American middle class falling way behind rest of developed world


quote:

Are you looking for people to agree there is a war on the middle class? Because there is


A war on the middle class and all taxpaying citizens.






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tigerpawl
LSU Fan
Can't get there from here.
Member since Dec 2003
5303 posts

re: American middle class falling way behind rest of developed world


quote:

American middle class falling way behind rest of developed world
Look no further than Rap, Main Stream TV and Video Games.






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Cmlsu5618
McNeese State Fan
Destin, FL
Member since Sep 2010
2883 posts

re: American middle class falling way behind rest of developed world


Inequality For All

This was a documentary was narrated and originated by Robert Reich, a former US Secretary of Labor under Clinton.

He reviews different ideas, but the major premise is that real American wages, after inflation, have been very stagnant over the past 30 years. The causation comes from different factors, but the doc is very practical and Reich makes points that are hard to argue.






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Cold Cous Cous
LSU Fan
Obvious and pointed jeering
Member since Oct 2003
13880 posts

re: American middle class falling way behind rest of developed world


quote:

The US offers many welfare type benefits that greatly increases the actual wealth of our citizens.

Sure, but so do the UK, France, etc. so I assume it roughly evens out. The one that gets me is Spain - how the hell does a country with that kind of an unemployment rate beat us in median net wealth?
quote:

Australians are in a HUGE real estate bubble.

Yeah, could be. For instance I bet the US looked great on this list in 2007.






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Oenophile Brah
LSU Fan
The Edge of Sanity
Member since Jan 2013
5553 posts

re: American middle class falling way behind rest of developed world


The comparison is foolish. The USA has a population of around 305 million. Australia has 23 million and most of the nations ahead on the median net worth list are much smaller then the USA.
Our middle class is larger then all of Australia.

This is just another beat of the drum on the "war on inequality."






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ZereauxSum
LSU Fan
Lot 23E
Member since Nov 2008
9390 posts

re: American middle class falling way behind rest of developed world


quote:

Our middle class is larger then all of Australia.


I'm not saying you're wrong but how does this matter?

In each case we're still taking about millions of people. I might be missing your point but I don't see how her size of a country would make it wealthier.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
22220 posts

re: American middle class falling way behind rest of developed world


quote:

I might be missing your point but I don't see how her size of a country would make it wealthier.


Also recall that Australia is a land mass about the same size the lower 48. And it has a great deal of coal, minerals, gas, and oil production to sell to south east asia including china.






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Oenophile Brah
LSU Fan
The Edge of Sanity
Member since Jan 2013
5553 posts

re: American middle class falling way behind rest of developed world


quote:

I'm not saying you're wrong but how does this matter?

I think it's easier to affect results of a small group then it is to affect results of a larger group.

I agree the policies our nation has implemented lately have made life harder on the middle class. That being said, I believe our middle class has greater class mobility then most other nations.







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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
1471 posts

re: American middle class falling way behind rest of developed world


quote:

Those down under also have a mandatory retirement savings program, where they must squirrel away more than 9% of their income for their Golden Years


So Australia has essentially privatized social security?






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Shepherd88
Mississippi St. Fan
Member since Dec 2013
213 posts

re: American middle class falling way behind rest of developed world


Also in Australia if you are "too wealthy" you do not get to receive your portion of their mandatory retirement program. I just got back from there and had a conversation with a fellow about this.





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TexasTiger34
LSU Fan
Houston
Member since Mar 2008
10638 posts

re: American middle class falling way behind rest of developed world


they may have a higher median wealth

but i have more guns






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Hawkeye95
Iowa Fan
Member since Dec 2013
4803 posts

re: American middle class falling way behind rest of developed world


quote:

The one that gets me is Spain - how the hell does a country with that kind of an unemployment rate beat us in median net wealth?

this is surprising, there real estate bubble was epic too. And it still hasn't recovered.

Plus spain isn't home to a lot of large multinationals. And the Spaniards have a reputation for being lazy SOBs in europe.






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