Author: UYA

"The American Dream" a myth   [Copy link] 中文

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Post time 2012-6-13 05:11:11 |Display all floors
Emperor Obama's new clothes..

The Emperor is naked  
Your own mind is a sacred enclosure into which nothing harmful can enter except by your permission. Arnold Bennett

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Post time 2012-6-13 05:13:01 |Display all floors
UYA Post time: 2012-6-13 05:10
Is saving a "good or bad thing"?
Should China follow the path the US has taken?
1.3 billion consum ...

Its a balance you have to stirke.  There's nothing wrong with a bit of debt so long as you can afford it.

Bad debt is something else.
Your own mind is a sacred enclosure into which nothing harmful can enter except by your permission. Arnold Bennett

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Post time 2012-6-13 05:14:45 |Display all floors
St_George Post time: 2012-6-13 05:11
Emperor Obama's new clothes..

The Emperor is naked

Yeah.......
With the position he has vs the power he welds, he has little showing

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Post time 2012-6-13 05:37:10 |Display all floors
This just in............

The slow death of the American dream for middle class families has continued in the last couple years in the wake of the financial crisis.

A new survey by the Federal Reserve shows a shocking decline in the average net worth of U.S. households from 2007 to 2010. According to the report, which adjusted figures for inflation, the average American family saw their net worth drop 40% in that three-year time period from $126,400 to $77,300.

Three-quarters of the loss, not surprisingly, is due in large part to falling home prices, which have seen no reprieve since the housing bubble began to burst in 2007. The average homeowner saw their net worth fall more than $70,000 from roughly $250,000 in 2007 to $175,000 in 2010.

But what is surprising is the fact that overall net worth has fallen to levels not seen since the early 1990's, long before the housing bubble even began.

In three years, 18 years of savings have been wiped away for the majority of the country and at the same time wages have fallen. The average income fell from about $50,00 in 2010 to $46,000 in 2007.

But this negative trend does not stop there. As average families become poorer, rich Americans are growing richer. The Fed survey showed the wealthiest 10% of families actually saw their net worth rise from 2007 to 2010. Over that time period, their net worth increased from $1.17 million to $1.19 million.

As Aaron and Henry discuss in the accompanying clip, the continued decline of the American middle class and the ascent of the rich has resulted in income inequality at levels not seen since the Great Depression. Many economists agree, including Nobel Prize-winner Joseph Stiglitz who recently joined The Daily Ticker to discuss why growing wage and income disparity endangers the future of our country. (SEE: The 'American Dream' Is a Myth: Joseph Stiglitz on 'The Price of Inequality')

While the bulk of consumer spending has historically come from the middle class, if the majority of Americans continue to suffer from falling wages and income, eventually something has got to give. There is no possible way for the super-rich to buy enough stuff to float the entire U.S. economy.

It's growing increasingly clear that we live in drastic times and drastic measures must be taken to save the country's middle class. One drastic measure is that more Americans are putting off retirement because they simply can't afford it.

But with Americans living longer and putting increased strain on programs like Social Security and Medicare, the retirement age is going to have be raised for one reason or another.

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Post time 2012-6-13 05:59:56 |Display all floors
UYA Post time: 2012-6-13 05:37
This just in............

The slow death of the American dream for middle class families has continu ...

Yes, you will find that by the end of this Bush-Greenspan recession, the 1% will be much richet and the gap between the 1%and the "middle class" will be much greater.
You remember the "too big to fails"?
Well there are only 4 big banks left in USofA and they are bigger than ever before.
How much bigger?
Between them they have over 65% rough est of all USAnian assets on their book.
Let the dice fly high

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Post time 2012-6-13 06:34:54 |Display all floors
UYA Post time: 2012-6-13 05:37
This just in............

The slow death of the American dream for middle class families has continu ...

The drive for greater profits eventually killed the consumer. The problem was evident to some of us back in the late seventies when full factory automation was talked about. The arguments were that robots do not take tea breaks or call in sick, and they can work faster for longer hours than humans do.

My argument at the time was......All well and good but robots and machines do not buy the products they can produce. So if all is made by machines who will be the consumer?

Unfortunately people cannot see further than their noses most of the time.
The world needs more idiots like me, all the others think they are clever.

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Post time 2012-6-13 06:39:18 |Display all floors
cestmoi Post time: 2012-6-13 05:59
Yes, you will find that by the end of this Bush-Greenspan recession, the 1% will be much richet an ...

good stat.....
Thanks

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