Do you love your grandchildren?
I’ve always assumed our country would provide an opportunity for my grandkids to have “middle class” lives, since it seemed our economy was growing. Recently the following statistics came to my attention, and now I am not at all certain. Consider the changes in 2009:
• 61% of Americans “always or usually” live paycheck to paycheck. 2007-43% and 2008–49%.
• 24% have postponed retirement age in the last year.
• Over 1,400,000 filed for bankruptcy in 2009. 32% more than in 2008.
• For the first time, banks own more residential housing net worth than all individuals together.
• The bottom 50% of income earners own less than 1% of the nations’ wealth.
• The average federal worker earns 60% more than the average private sector worker.
• The average time to find a job has risen to 35.2 weeks.
• Service jobs, generally lower paying, provide more than 40% of all jobs.
• Over 40,000,000 are on food stamps. Next year it will be 43,000,000.
• In China, garment workers work for 86 cents an hour. In Cambodia, 22 cents.
• The top 10% of earners make about 50% of total American income.
• 21% of children live below the poverty line.
• The number of millionaires rose 16% to 7,800,000.
Our nation is becoming more and more like the other nations with no middle class. With the “global economy” (read labor pool) and the added medical costs of Obamacare, the rush will be greater than ever to use the cheaper labor. Only about 5% of workers are entrepreneurs. The other 95% only want to get a check each week for the hours worked. Pay is going to be lower due to the number of unemployed. Currently, there are about 6 people looking for every job opening. Remaining in the “middle class” is going to be very difficult. Encourage your grandchildren to work for themselves.
