Bifurcated American Economy

The good news: if you’re in the American upper class, things are getting better. Some reports even suggest more people are entering the upper class.

The bad news: if you’re not in the American upper class, the likelihood is high that your situation is deteriorating, or at least is not looking positive.

Pulling the headlines from the article:

• Half of Americans Make Less than a Living Wage (50% make less than $30,000 per year)
• Half of Americans Have No Savings (Over 70% have less than $1,000 in savings)
• Nearly Two-Thirds of Americans Can’t Afford to Fix Their Cars (62% can’t afford a $500 repair, and 50% can’t afford a $400 repair)

And then, as an aside;

“Between 2007 and 2013 median wealth dropped a shocking 40 percent, leaving the poorest half with debt-driven negative wealth” – Salon

There are more than enough positive stories to relay, but they describe the minority. Now that there’s a majority making too little with net worths that are too little, there’s also an increasing probability of political or societal change.

(Click on the chart for the link.)

“The Incredible Shrinking Middle Class” – Salon