NOR IS IT HEADING FOR A “BRIGHT AND PROSPEROUS FUTURE”
In case you needed any additional evidence that U.S. President Barack Obama is completely full of it (he and his aiders and abettors in both parties in Washington, D.C.), there’s some big news breaking this week on the status of the American middle class.
You know … the class of Americans Obama vowed to fight for during his 2008 and 2012 elections (because politics is all about class warfare).
“Our top priority as a nation and my top priority as president must be doing everything we can to reignite the engine of America’s growth – a rising, thriving middle class,” Obama said in a recent radio address. “That’s our North Star. That must drive every decision we make.”
Former “Republican” presidential nominee Mitt Romney also boiled his race against Obama down to the middle class.
“That’s what this election is about,” Romney said during an October 2012 presidential debate. “It’s about who can get the middle class in this country a bright and prosperous future.”
Blah, blah, blah, blah, blah, blah, BLAH.
Back in the real world, a report from The New York Times laid bare the increasingly rapid decline of the middle class.
“The American middle class, long the most affluent in the world, has lost that distinction,” the report bluntly began. “While the wealthiest Americans are outpacing many of their global peers, a New York Times analysis shows that across the lower- and middle-income tiers, citizens of other advanced countries have received considerably larger raises over the last three decades.
“After-tax middle-class incomes in Canada – substantially behind in 2000 – now appear to be higher than in the United States,” the report continued, adding that “the poor in much of Europe earn more than poor Americans.”
Wanna see that dynamic visually? Of course not … none of us do.
But here it is …
(Click to enlarge)
(Chart via NYT)
The Times based its reporting on the Luxembourg Income Study (LIS) database, which according to researchers at the Pew Center “shows how much different tiers of Americans have fallen behind their peers in other countries.”
“Americans in the 20th income percentile earned less in 2010 than Norwegians, Canadians, Dutch, Germans, Swedes and Finns in those countries’ respective 20th percentiles,” the Pew researchers note. “Three decades earlier, 20th-percentile Americans earned more than everyone except Canadians. American and Canadian median per capita incomes were about equal in 2010, at $18,700, according to the LIS data.”
Not anymore …
Why is America falling behind?
According to the Times the top reason is the slow growth of “educational attainment,” which has made it difficult for the country to “maintain its share of highly skilled, well-paying jobs.”
Thank you, government-run education.
There are simple solutions to reverse this downward trajectory – but none of them involve more government. In fact all of them involve less government – less taxpayer investment in education, crony capitalism,
Seriously, at this point it should be abundantly clear to everyone that the bipartisan orgy of government excess in Washington, D.C. has exacerbated, not alleviated, what ails the American middle class.
In fact that’s part of what our founding editor recently termed “the most dangerous realization in the world.”
The essence of this realization? Millions of American middle classers finally figuring out the dream they thought they could work hard to achieve is vanishing before their eyes … literally. All while the politicians who sold them the “big lie” continue draining them of their resources in order to subsidize handouts to the poor and bailouts for the rich.