VIDEO ON MSN MONEY
When I give 60% of my gross income in the form of taxes, tolls and fees to some government entity, it is not hard to see why the middle class is diminishing at such an alarming rate. As long as the government gives the extremely wealthy corporate socialism (Big Bailouts, Bogus government contracts, Tax incentives to companies that off shore work force) and give the extremely poor social welfare ( Obama phones , food stamps, government sponsored housing the list go on and on……..) The middle class will be fleeced to pay for these vote generating programs. I have a moderate income. I am not wealthy. All I want is to live the American Dream and provide for my family. Is that too much to ask?
The downfall of every great empire or country begins when less than 50% of the population has to support greater than 50% of their population. The US reached that plateau a few years ago. It's not going to get better folks. All the blah blah about voting out all the incumbents isn't going to work either. Won't happen! People go brain dead when they hit the polls (if they vote at all). Back in the 50's and 60's the US was in the top 2-3 countries in the world in standard of living, education, health etc. Now we're lucky if we're in the top 20 in ANY category. There was a time when, if a man was out of work, there was a stigma attached to it. Now people brag about not working, collecting all sorts of government handouts and working under the table. Why try to get a real job? The poor SOBs who work for a living (me included) are falling further and further behind. In 50 years or less people will be saying "remember when the US was the greatest country in the world?" The US will go the way of the Roman empire and the other empires of their time.
Our founding fathers are probably rolling over in their graves saddened that this great country they created has deteriorated in less than 300 years!
We will always have poor people. Many have no ambition. You have a child. You receive housing, food stamps, cash, electricity, cooling, heating, cell phone. Almost all the poor I know or meet smoke and drink. For the middle class taxes are a killer. We subsidize many things at a loss. Mass Transit is a big one. Money taken from fuel taxes to go to it. In my city we give to all these charities, build bike paths and trails. We do not have the money to repair our streets. Because the tax payers give money to everybody. We spend more money nationally on education and get less for it.
We live in a country where we make just enough to survive...and continue working.
Obamaville's middle class lives in China and is buying GM cars assembled there - thanks, Barry.
I saved for over 10 years to buy a home. I refused to owe the amount they said I could afford. I refused to buy a new car, instead bought one 4 years old. Held on to the same cheap cell phone contract for over 8 years. We don't get 200 tv channels either. Perhaps that's the difference? Yea things get tight sometimes just as they have for many people years ago. Being middle class then wasnt all rosy then either. I grew up middle class and my father saved 6 mos to buy a color television. He refused to put it on credit. That's what our middle class lost; common sense.
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The Fed's latest statement confirms that it won't be coming to the rescue of depositors soon, but these institutions are worth following anyway.