Useful book.
Media talking heads complain that Washington is “dysfunctional.” But it is functioning very well—in the interests of those at the top of the economic pyramid. Growing inequality is not an accident. The rich are getting richer from the same policies that are making American workers poorer.
http://www.amazon.com/The-Servant-Economy-Americas-Sending/dp/0470182393/
Just 18% of consumers said their wages were keeping pace with the higher cost of living.
Naturally, those with household incomes of $100,000 or more were better able to cope with inflation that hit a fresh 40-year high of 7.9%. Higher earners were about three times as likely to say their wages had kept pace with inflation, at 31%, said Melissa Bearden, head of consumer intelligence for Capital One. While 30% of higher earners said they got a non-performance-based raise or bonus over the past three months, just 10% of lower earners said that.
Consumer debt jumped 11% year-on-year in November. It was the biggest single-month jump in consumer debt in 20 years. Total consumer debt now stands at over $4.41 trillion. And that doesn’t include mortgages.
Revolving debt – primarily credit card balances – grew by a staggering 23.4% year-on-year in November. That was the biggest increase since 1998.
More debt means more... prosperity.
During the pandemic, the wealth of the ten richest people in the world, including Elon Musk, Jeff Bezos and Bill Gates, more than doubled to $1.5 trillion. Thanks to skyrocketing profits, they have become six times richer than the poorest 3.1 billion people on our planet, according to The Independent, citing a new study.
A report by the British charity Oxfam shows that since March 2020, a new billionaire has appeared in the world almost daily. At the same time, another 160 million people fell below the poverty line during this period.
The ranks of the super-rich have swelled, the organization says, thanks to abundant financial stimulus that has spurred stocks higher. At the same time, poor countries have suffered disproportionately from COVID due to unequal access to vaccines, which mainly went to first world countries.
Check this about definitions
https://www.brookings.edu/research/defining-the-middle-class-cash-credentials-or-culture/
Is there a definition of middle class? Earning 10 times minimum wedge?
Inflating apartment prices allows to hide economy issues, so people get less goods for same income.
In 2020, the energy per capita was about 279 million Btu, which is worse not only in 1995 (343 million Btu), but even 1970 (324 million Btu). The current level corresponds to about the mid-60s.
And Biden wants to lower it at least by 30-40%. To the 20s-30s times.
Middle class mostly holding due to another bubble on housing market
COVID made big dent in the middle class life
U.S. Billionaires Gained $1 Trillion Since The Pandemic Started
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