#middleclass

waynerad@pluspora.com

Decline of the middle class, in Federal Reserve data. If it seems like the middle class is declining, it's not your imagination.

The definition of "middle class" they are using is "50th to 90th wealth percentiles". Between 2003 and Q1 2021, the middle class went from 36% to 28% of the nation's wealth, an 8% drop. Most of that went to the upper 1%, which went from 25% to 32%, a 7% increase.

"One explanation might be that the very rich hold their wealth in stocks or other hard assets like properties which respond better to inflation. The middle class instead gains most of its wealth through income which tends to be sticky with wages not rising in real terms since the 70s."

America's Middle Class Drastically Shrinks

#economics #inflation #middleclass

kamenridercaoimhe@diasp.org

New CBS reality show exploits poor families by making them grovel for $101,000

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It’s hard to imagine a network #executive didn’t get the idea for this show from the “Button, Button” episode of #The_Twilight_Zone. #The_Briefcase focuses on two #middleClass families—a questionable but highly #American take on the phrase, since both are #debt saddled, with one primary #breadwinner, and essentially living on the edge of #financial ruin. Both are told they’ll be participating in a #documentary about #money. Instead, a producer from the show unexpectedly comes to their house with a #suitcase full of cold, hard cash: $101,000 to be exact. That could be a #life-changing – and in the case of families so near the financial cliff, nearly #life-saving – sum of money. But this being #realityTV, instead of just #giving them the cash, there’s a major catch.

 

Both #families are informed that somewhere out there, there’s another #family “who’s also in need,” and are given a #choice: “You can keep all of the #money, you can keep some of the #money, or you can give it all away.” Neither family knows that the other family also has a suitcase full of #cash and is #debating how much, if any, they’ll #share. And since both families were originally told they were merely going to be the subjects of a documentary, neither of them really signed up for this exercise in televised #torture.

 

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