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The Middle Class in America Is Radically Shrinking Posted on 7/27/2010
The rich are getting richer and the poor are getting poorer at a staggering rate.
Statistics Prove It 83 percent of all U.S. stocks are in the hands of 1 percent of the people.
61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.
66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.
36 percent of Americans say that they don't contribute anything to retirement savings.
A staggering 43 percent of Americans have less than $10,000 saved up for retirement.
24 percent of American workers say that they have postponed their planned retirement age in the past year.
Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.
Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.
For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.
The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation's wealth.
The top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.
In America today, the average time needed to find a job has risen to a record 35.2 weeks.
For the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.
This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.
21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.
Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.
The top 10 percent of Americans now earn around 50 percent of our national income.
