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Middle Class Areas Shrink As Income Gap Grows, New Report Finds
Posted By admin On November 16, 2011 @ 4:41 am In Money Watch | Comments Disabled
The Coming Depression Blog 
November 16, 2011
The portion of American families living in middle-income neighborhoods has declined significantly since 1970, according to a new study, as rising income inequality left a growing share of families in neighborhoods that are mostly low-income or mostly affluent.
“The middle class really means you are beginning to have more disposable income, not living at a subsistence level. If you think about what drives our current economy, its people’s ability to buy goods and services in the marketplace. With the loss of disposable income which comes with a declining middle class, you have begun to put kinks in the economic engine we all rely on.”
The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace.
Here are the statistics to prove it:
And the gap between rich and poor in college completion — one of the single most important predictors of economic success — has grown by more than 50 percent since the 1990s, said Martha J. Bailey, an economist at the University of Michigan. More than half of children from high-income families finish college, up from about a third 20 years ago. Fewer than 10 percent of low-income children finish, up from 5 percent.
The truth is that the middle class in America is dying — and once it is gone it will be incredibly difficult to rebuild.
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