Eleven charts that explain what’s wrong with America. A good primer on income inequality from Mother Jones.
The New York Time has published an article on the decline of the US middle class compared to Canada and Western Europe: The American Middle Class Is No Longer the World’s Richest.
The American middle class, long the most affluent in the world, has lost that distinction.
While the wealthiest Americans are outpacing many of their global peers, a New York Times analysis shows that across the lower- and middle-income tiers, citizens of other advanced countries have received considerably larger raises over the last three decades.
The Times research is based on surveys conducted over the past 35 years. The data was analyzed by researchers at LIS (a group affiliated with the Luxembourg Income Study Database) and The Upshot (a NY Times web site). The results were reviewed by outside experts.
The article points out the deception of averages. Statistics such as per capita GDP remains strong for the US, but only because the gains at the top offset the losses at the middle and bottom.
The article cites three factors behind the lackluster performance of US income: education, compensation practices, and government policies. These work together create what is a central theme of Plutocracy Ascendant: the rich getting richer at the expense of the poor and middle class.