Thursday October 05, 2006

US middle class far worse than any time

peakoil.com -> money.cnn.com :

The typical double-income family is worse off financially than ever, a study said, warning that few Americans have saved enough to brace for financial setbacks. Middle-class families are struggling to pay for a home, health insurance, transportation and their children's college with wages that have not kept pace with higher prices, according to the study by a think tank headed by a former top aide to President Bill Clinton.

The majority of Americans have not socked away enough money to brace for financial setbacks such as a job loss or a medical emergency. Higher prices for a range of things - including health care, energy, transportation, food and education - have put Americans in this position as corporate profits have risen, the study said. To maintain day-to-day consumption, families have taken on a record amount of debt, equal to 126.4 percent of disposable income in the first quarter of 2006.

Commenting on the study, SEIU Labor Union President Andy Stern said, "Of the total amount of our economy and income, we have the greatest share going to profits in modern history and the least amount going to wages in modern history. For most working Americans, things are far worse than any time certainly in recent history and at a time of an incredibly growing economy." said Stern, whose union represents 1.1 million health care workers.

See also :

1. Japan middle-class shrinks
2. China - income gap between rich, poor at alarming level
3. The Collapse of the Middle Class

(2006-10-05 00:36:24 SGT) [Biz] Permalink

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