-- There are 8.5 million people receiving unemployment insurance and over 40 million receiving food stamps.
-- At the current pace of job creation, the economy won't return to full employment until 2018.
-- Middle-income jobs are disappearing from the economy. The share of middle-income jobs in the United States has fallen from 52% in 1980 to 42% in 2010.
-- Middle-income jobs have been replaced by low-income jobs, which now make up 41% of total employment.
-- 17 million Americans with college degrees are doing jobs that require less than the skill levels associated with a bachelor's degree.
-- Over the past year, nominal wages grew only 1.7% while all consumer prices, including food and energy, increased by 2.7%.
-- Wages and salaries have fallen from 60% of personal income in 1980 to 51% in 2010. Government transfers have risen from 11.7% of personal income in 1980 to 18.4% in 2010, a post-war high.
But the leaders of the Republican Party came up with the brilliant idea of giving huge tax breaks to the wealthy of the country all the while the Middle Class is going to heck in a handbasket thereby adding mightily to our debt.
Brilliant.
In the meantime, there is another article out today, proving what I'm referring to above:
In the meantime, there is another article out today, proving what I'm referring to above:
Number of millionaires is projected to rise rapidly
Despite the Great Recession, which wiped out $15.5 trillion in household wealth in the United States alone, the number of millionaires in this country and abroad will grow rapidly over the next decade.
In the U.S., the total number of families with a net worth of over $1 million, including real estate, will double by 2020, according to a report by the Deloitte Center for Financial Services.
Terrific.
Isn't that just really happy news?
I'm so hopeful.
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