90% Of Americans Are Poorer Today Than They Were 27 Years Ago

It was almost 30 years ago that the American economy was said to have been operating in a manner that was beneficial for everybody -as even those who were identified as the middle class were perceivably getting richer. But now, there’s a new actuality: 90% of US households are poorer than they were in 1987, according to both a new study and the head of the Federal Reserve.

The United States was listed in seventh place when it comes to wealth inequality around the world, according to a report made by Credit Suisse, with 74.6 percent of its wealth held by the top 10 percent.

source

a reply to: AlaskanDad

t was almost 30 years ago that the American economy was said to have been operating in a manner that was beneficial for everybody -as even those who were identified as the middle class were perceivably getting richer.

I can attest. I was a "middle class" back then. People like me were able to work, save money, have expensive hobbies and take long vacations.

Those average joe days are long gone.

I'll believe that, at least in my case. Our net worth has dropped compared to inflation. We didn't make much in the stock market, not nearly as much as they wish us to believe everyone made. The DOW being that high should be an indicator of growth in all stocks but in fact, we only averaged about five percent a year growth in stock. My investment building my own house actually payed the best return. Even if the value drops in half from the high point, I will still have gained, because we have lived here for twenty four years.

Well if they would just give more tax breaks to the wealthy all of this would change. This is what we have been told since Reagan was in office and we are still waiting for that fairy tale to start to work. Besides everyone knows if you are not wealthy or well off then it's because you are just lazy or too stupid.

The destruction of the unions and Reagan’s tax cuts for the rich and the repeal of Glass-Steegle by Clinton was the beginning of the economic doom…among other things of course like NAFTA and the Banksters

The destruction of the middle class.

Free trade was supposed to make a level playing field. Thats what it's doing. Bringing the good ole USA down to the rest of the world.

a reply to: AlaskanDad

The whole economic system is a joke.

I have a theory about why Obama gave the banks 1 trillion. I think the ultra rich have actually hoarded so much money that we were technically out of money just to keep money circulating.

They own the banks, the energy companies, the biggest corporations, military contracts, they just keep buying everything and setting prices to whatever they damm well please.

The most disgusting part, if this is not enough. They own everything and they keep making more laws to make sure that they can make even more money, while everyone else makes even less. Like they somehow don't have enough. Really How GREEDY, do people really need to be?

You would think our flesh is immortal, the way they live, never concerned with humanity or judgement.

They spend thier whole lives thinking they own something. Wake up builders, wake up Babylon, all of this stuff is temporary. Stop thinking that you own anything. Your body doesn't belong to you, you do not get to take it with you. Unless of course you refuse to believe in the Spirit?

I am an immortal Spirit, I have no need to cling to what is temporary. I will enjoy the flesh, but never be mastered by it.

Years ago, you could quit your job and get hired almost anywhere else in the same day. Now, if there are 5 openings there are 200 or more people applying for them at the same time. It is very sad what has become of America. Too many jobs outsourced, too many illegals holding jobs, too many part time instead of full time jobs. You could at one time work an 8 hour day and have weekends off. Now people are working 12 hour shifts or multiple jobs just to survive. Many companies, instead of hiring enough employees, will just have the workers they already have doing the work of two people. It's insane and becoming the norm. And we wonder why people are stressed to the limits. Where is the quality time spent with family?

a reply to: AlaskanDad

Can we get links?

a reply to: onequestion

Thanks for pointing out that!

source added to the OP

The only solution is more tax cuts to the rich. Trickle down didn't work because it was soft. It's time to get serious. Increase taxes on the poor and middle class. Anyone who can't keep up gets put into indentured servitude. Let's get back to our roots.

Things went downhill fast after the Clinton years. Those were such relatively worry-free times.

a reply to: ~Lucidity

Clinton caused a lot of that. If only we got Peroy as president. That guy was the last decent man to run for office. He would have set us on the right path. Bush and Clinton were both corporate shills. The two party system destroyed our nation just like the founding fathers predicted. That and the central bank. They predicted that too.

Why couldn't we just listen to them?

originally posted by: ~Lucidity
Things went downhill fast after the Clinton years. Those were such relatively worry-free times.

It makes me wonder what the Clintons did while in power to make things decline so fast after them

UN uh....im just as poor as I was when I started out 50 yrs ago......
If anything the promised prosperity has seemed to pass us by.....

a reply to: stirling

It didn't pass us by. It was intercepted. Just look at any statistics on productivity or GDP or any measure of growth or prosperity, conpared to wages. Or just look at the money the elite and their corporations and banks have. The Waltons alone have more wealth than at least the bottom 100 million Americans. Many American companies have more wealth than most nations on earth. We are living in the universe's biggest ponzi scheme.

a reply to: AlaskanDad

Everyone that I know who has retired since 2000, retired well off mind you, have gone broke within 5 or 6 years because of high medical bills. This is what your working for your whole life?

So is Europe... so is anyone in the so called 1st world countries... did that require a study or just a basic knowledge of economics and math?

a reply to: FraternitasSaturni

Not all of Europe. Plus Europe is getting screwed by American hegemony more them anything else.

a reply to: LDragonFire

Well, we have changed many of those statistics. Now that insurance companies cannot refuse you for prior conditions, this has changed considerably. It sure is not perfect, and there is great room for improvement, but these stats wont hold right now.