A crying shame
What happens when Americans finally see through the manipulative fog, and discover that the so-called “American dream” of moving on up into the middle class is just a pipedream fantasy; I believe that answer is very-close at hand as we may well find out in the next four years of this New-Administration! Of the many things Americans cannot bring themselves to admit, is one of the most consequential...that our hyped middle class is a sham, a figment of our imagination rather than a solid reality. The reality is the vast majority of the nation's wealth and income has been diverted from the working class and once cherished middle class to those at the top of the wealth-power pyramid and the technocrat/financier insider class (the top 5% to 10%) that serves as a slave the interests of those at the top. This massive transfer of wealth has accelerated rapidly in the 21st century as virtually all the real income gains of the past 20 years have flowed to the top 0.1% to 1.0%. This RAND study found that America's elites siphoned over $50 trillion into their own pockets during the past 2-generations Trends in Income From 1975 to 2018. Amazingly the earnings of the top 0.1% grew at a rate of over 15 times faster than the earnings of the bottom 90%
It is extremely unfortunate that the working-class (as wage’s share of the economy) continues its pitiful 50-year decline...
It is a tragedy in my opinion that the top 0.1% own more than the bottom 80% and the top 1% own 40% of all private wealth and the top 10% own about 90%. If the top 10% own 90% of the wealth and has for the most part basically “seized” virtually all the income gains of the past 20 years, then is it not extremely obvious and logical that America no longer has no middle class...just an elite class and a working class!
Please reflect upon the $1.7 to $2.0 trillion plus in student loan debt burdening those who bought into the premise and “BS” narrative that a college diploma was a guarantee into the security of the middle class. The debt load carried by those clinging on to “BS” aspirations of middle- class security is staggering. As I have written about before the burdening powerless students “economic slaves” with uncertain futures with trillions in high-interest “economic enslavement” debt would have been viewed as criminal a mere two generations ago, but now it is celebrated by those reaping the interest benefits from debt-slaves.
Once the FED’s massive con-job of printing trillions of dollars out of thin air dissolves and the nation has to balance its books in the real world (not in the Alice-in-Wonderland world), their remaining speculative skills will no longer generate meaningful income.
The last vestiges of financial security for the vanishing middle
are once heralded defined pension plans and real ownership of a home, which is
less a real asset and more an option on the current housing bubble. This
phantom wealth is one encounter with reality away from disappearing into the
mists of speculative extremes imploding.
The American Dream was once based on broad-based access to acquiring capital and agency, access which has narrowed to the top 5%-10% of those on the economic order. The FED has played a game of lowering interest rates so households can lower their interest expenses by refinancing their mortgages time and time again, so that their wealth deteriorates and that they can continued to buy crap that they do not really need, but this game has ended; as interest rates cannot drop any further without entering a negative rate, a zone of insolvency for the banking sector. Basically the “BS” game of creating the massive illusion of real wage gains is now over. What happens when Americans finally admits that their middle class has vanished.
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