By Nancy Thorner – According to this article by Nick Giambruno, The Long Death of America’s Middle Class, the middle class is vanishing.
In 2015, America’s middle class dipped below 50% of the population for the first time since data collection started. It’s now an official minority group. [..] In the late 1950s was the golden age of America’s middle class. The US had robust Main Streets and thriving small businesses. Back then, the US produced three-quarters of the world’s cars, airplanes, and most of the world’s steel and built the majority of the world’s skyscrapers.
Role of globalists in middle-class decline
As Michael Snyder wrote: Globalists Are Systematically Destroying America’s Middle Class.
The United States has lost more than 70,000 manufacturing facilities since China joined the ‘WORLD TRADE ORG’ [WTO] and this is one of the biggest factors that has eroded the middle class. [..]
Most people don’t realize that our economy is being integrated into a global economic system; that’s bad for American workers. Now they’re being merged into a global labor market where we must compete directly for jobs with workers in nations where it’s legal to pay slave labor wages…
The current Biden administration inflation is also taking a toll on the financial well-being of the America’s middle class.
What is defined as middle class?
A single American making $30,000 to roughly $90,000 every year is middle-income, according to Pew. A household of two would have to earn around $42,000 to $127,000 to qualify.
A little over half of Americans surveyed by Northwestern Mutual in 2018 said the range for being in the middle class were assets between $50,000 to $99,999.
