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American middle class falling way behind rest of developed world
Posted on 6/11/14 at 9:16 am
Posted on 6/11/14 at 9:16 am
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.
LINK
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Posted on 6/11/14 at 9:47 am to TejasHorn
Are you looking for people to agree there is a war on the middle class? Because there is
Posted on 6/11/14 at 9:54 am to TejasHorn
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.
Posted on 6/11/14 at 10:02 am to LSUFanHouston
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.)
Posted on 6/11/14 at 10:10 am to TejasHorn
I know I'm poor already, thanks.
Posted on 6/11/14 at 10:33 am to TejasHorn
I suspect we have higher median incomes. The problem is that we borrow like no one else.
Posted on 6/11/14 at 10:42 am to TejasHorn
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.
Posted on 6/11/14 at 10:42 am to Mr.Perfect
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.
Posted on 6/11/14 at 10:43 am to TejasHorn
quote:Look no further than Rap, Main Stream TV and Video Games.
American middle class falling way behind rest of developed world
Posted on 6/11/14 at 10:49 am to TejasHorn
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.
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.
Posted on 6/11/14 at 10:54 am to C
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.
Posted on 6/11/14 at 11:07 am to TejasHorn
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."
Our middle class is larger then all of Australia.
This is just another beat of the drum on the "war on inequality."
Posted on 6/11/14 at 11:39 am to Oenophile Brah
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.
Posted on 6/11/14 at 12:19 pm to ZereauxSum
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.
Posted on 6/11/14 at 12:24 pm to ZereauxSum
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.
Posted on 6/11/14 at 2:13 pm to 90proofprofessional
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?
Posted on 6/11/14 at 2:26 pm to LSUFanHouston
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.
Posted on 6/11/14 at 4:26 pm to TejasHorn
they may have a higher median wealth
but i have more guns
but i have more guns
Posted on 6/11/14 at 6:17 pm to Cold Cous Cous
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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