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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMiddle Class Jobs, Income Quickly Disappearing (with some depressingly eye-popping charts)
from huffpost:
Middle Class Jobs, Income Quickly Disappearing (INFOGRAPHIC)
Posted: 06/06/2013 9:31 am EDT
As President Obama continues his Middle Class Jobs and Opportunities Tour" in Mooresville, N.C., on Thursday, middle-class Americans continue to experience historic losses of jobs and opportunities. The recession eliminated many mid-wage jobs, leaving moderately educated workers to take low-wage jobs if they can find work at all.
While the Obama administration has trumpeted job growth in recent months, the middle class is taking home a shrinking portion of the country's income. Deep job losses in occupations such as construction, information technology, manufacturing and insurance are not likely to recover. Middle-class families also saw nearly 30 percent of their wealth disappear over the past decade, while the cost of goods and services they rely upon steadily climbed.
The swift contraction of the middle class has left most Americans fearful they may be unable to maintain their standard of living.
.......................(more)
The complete piece is at: http://www.huffingtonpost.com/2013/06/06/middle-class-jobs-income-_n_3386157.html?ir=Politics&ncid=edlinkusaolp00000009
byeya
(2,842 posts)My guess there's a similar chart for real on-the-ground inflation too.
jimlup
(7,968 posts)fucking credit card interest rates.
These people are nothing better than loan sharks. They should have had their wings clipped by congress decades ago. Instead they were given more liberties by the GD pugs.
Sorry, I feel a tiny bit better now...
I'm in a god damn death spiral. I have bad credit because I have bad credit. It is a never ending cycle that I can't break no matter what I do. And it is a scam.
byeya
(2,842 posts)awoke_in_2003
(34,582 posts)geckosfeet
(9,644 posts)But make no mistake, they still get their several pounds of flesh. And the SEC sanctions it.
awoke_in_2003
(34,582 posts)Mnemosyne
(21,363 posts)what responsible people were supposed to do. Now they punish you for not owing interest to some craporation.
magical thyme
(14,881 posts)and paying it off on the 1st of each month. I got rid of all my big cards and keep just one with my credit union.
Of course, there is an advantage to having a bad credit rating. It leaves you less of a target for identity thieves.
mwooldri
(10,302 posts)Professional ID thieves don't care what your credit is like. You can borrow a lot of money, even with bad credit.
magical thyme
(14,881 posts)I guess my (half-joking) plan to max out on my own credit for self-protection won't work then.
My identity was badly stolen 7 years ago. By badly, I mean the thieves stole a Fidelity Investments laptop with former Digital Equipment Corp. employee pension information on it...from the wife of a former colleague of mine. Between the husband and wife, after de-encrypting the laptop, they got our legal names, SSNs, addresses, phones, pins, whatever other private details were included in our pension files. Her husband simultaneously contacted me about some potential project work, so I sent him my resume, after which he blew me off. So in my case, they also got my employment and education history, along with email at the time.
The FTC rep I spoke to, once I connected the dots, told me I'd essentially solved the crime. Not that either HP or the FBI cared. And those 2 rat bastards are still gainfully employed.
Anyway, my 7-year fraud alert expires on 12/31/2013. I decided yesterday that I will lock down my credit files this fall.
Like a chronic disease that could flare up at any time, especially during high stress times, it is a lifetime PIA.
Mnemosyne
(21,363 posts)in their cruel game, as much as is possible anyway.
magical thyme
(14,881 posts)I understand what you are saying, and I'm sure Citibank and others considered me a deadbeat. Although once everything really headed south, they sure developed appreciation and came clamoring after my business
My Credit Union has been fabulous. Last year, when a vendor stole my checkbook while I was distracted (my elderly horse was dying), I thought I'd have to pay to stop payment on an entire block of a dozen or so checks. Instead, the rep got permission to waive the fees because I'd been with them for a long time.
Last month, when my asshole postal worker, Lance, returned my replacement credit card for being "improperly addressed" (it had the street address after the PO Box), the CU rep that took my call got permission to move me up to the next level of card (platinum) immediately, so my new checkbooks will be free. So instead of losing $15 to have a new card fedexed, I saved $15 on the new checkbook I was ordering while calling about my credit card and will save more the next time I order.
I love my credit union. They are not part of the 1%. We keep at least 1 engineer, preferably more, on the BOD whenever voting season comes. We've been doing that since a scandal 25 years ago, and I expect we'll do that till we're all dead, lol.
Mnemosyne
(21,363 posts)Ditched PNC in 2000, iirc, when my .free" checking account started costing me $26 per month for not being able to keep a $500 balance. Yeah, I got spare money everywhere to do that.
So glad your mess worked out. My account was hacked twice a few years ago. Didn't cost me a penny!
mwooldri
(10,302 posts)* Note - this is my own opinion, I am not talking on behalf of my employer (American Express).
From my perspective as a customer service rep, Amex makes their money on the transactions that go through the network. I think that American Express's perfect customer is one who charges a lot on the card, and pays in full before the due date on the bill (among other things). After all, the original American Express cards do not charge interest because payment in full is required each time, and there is no set "credit limit".
I have spoke with some card members who have told me that they are a "deadbeat". I'm usually involved when these (wrongfully named) "deadbeats" call in because they did overlook a payment and was assessed fees - they're asking for a credit on fees they rarely ever get charged. I think that those who call themselves "deadbeats" are people who never pay a late fee or an interest charge and that the credit card company isn't getting any money out of them, hence "deadbeat". This is so wrong! American Express makes more money from transactions than fees and interest. A self-named "deadbeat" who uses their card often and pays in full each month before the due date makes good money for American Express.
IMO the true deadbeat is a person who makes charges on a card, and totally refuses to pay the bill (even though they can pay it in full if they wanted to). People who can't afford to pay are not deadbeats IMO either.
As an aside - again I'm speaking on my perspective and not that of my employer - I've seen the best credit scores on card members who a) have a good sized line of credit, b) who use the card sparingly e.g. gas charges only or dare I say only at Costco?, and c) pay their bill in full each and every month by the due date. I am guessing because the credit score is rated based on a number of factors that these behaviours are most favourable to generating a decent credit score. I don't know the formula the bureaus use, but the mix that I see works best is:
A) Never being late (at all),
B) The size of the credit lines (bigger generally better),
C) The type of the credit lines (mix of revolve and installment but not too much),
D) The amount used on those lines (for revolving a little is best, maxing out - dreadful, but zero is not good),
E) how many times credit has been applied for (best is very rarely - once every two years perhaps?), and
E) how old those credit lines are (older the better).
Out of these, A and D appear to me to have the biggest impact on the credit score. I found myself in a position a few years back to entirely pay off a couple of maxed out credit cards. The credit score jumped 40 points in a month, because I had credit that I could use.
handmade34
(22,756 posts)are a scam perpetuated by big business...
Mnemosyne
(21,363 posts)and it goes on and on.
I always have paid my bills, on time, and it makes no difference anymore. If you aren't giving craporations interest they punish you, harshly.
marmar
(77,064 posts)....... is a country that's in all kinds of trouble.
Cassandra
(9,694 posts)maybe Rolling Jubilee can help. http://rollingjubilee.org/
jimlup
(7,968 posts)If I survive - I'll contribute
hunter
(38,309 posts)Pretty soon now it'll be Canada's immigration problem as U.S. citizens move north looking for work.
daleanime
(17,796 posts)KansDem
(28,498 posts)I don't think I can stay in the US when that day arrives, so I've been looking at places like Costa Rica and Mexico.
I mean, I'd like to stay here but don't think I can do it financially...
Puzzledtraveller
(5,937 posts)Though the numbers of clients I was seeing at the height of the recession has dropped it remains quite steady with a lot of first time applicants. Who is applying has also changed a lot with many clients who would have been considered middle class seeking assistance for the first time.
woo me with science
(32,139 posts)K&R
marmar
(77,064 posts)mettamega
(81 posts)SamKnause
(13,091 posts)This is what happens when corporations own and control a countries government.
They care about profits, not people or countries.
Wait until President Obama signs the TPP free trade agreement.
It is NAFTA on steroids.
Global corporations will be allowed to ignore the few remaining laws that protect us.
thefool_wa
(1,867 posts)I know it sounds tinfoil-hatty, but you have to wonder if the replacement of good paying job with part-time minimum wage jobs was the planned effect allowing corporations irrecoverably GUT us of jobs that were sent overseas during the recession by US companies under the guise of "in this poor economy we have to save money". An astute reader will notice this is exactly the OPPOSITE of what needs to be done for economic recovery.
This personally affected me and a large number of people i worked with in the call center industry when my company (and several others sighting "competitiveness" as their reasoning) shipped moderately well paying management and support positions to the Philippines where they pay LESS THAN $5/hour for jobs that were $35-45K per year in the US. They forced THOUSANDS of people at my company alone out of jobs within months of the crash. I cannot believe this is a coincidence.
There must be a way we can start making these corporations that are destroying our economy for their own profit pay for what they are doing. The law isn't on our side, the people with power and money aren't on our side...so what is there left to do about it?
handmade34
(22,756 posts)is not on our side because the people with power and money wrote the laws for their own benefit... no tinfoil hat needed to see what is happening...
Laelth
(32,017 posts)-Laelth
marmar
(77,064 posts)Safetykitten
(5,162 posts)Fumesucker
(45,851 posts)I remember OMC too.
amerciti001
(158 posts)when these charts clearly demonstrates the facts... will still vote Republican, thinking they'll maintain their living standards , even though the Repugs wants to take it all away! Remember how they did with the recall of Wisconsin Governor Walker... some said they didn't think it was fair to recall someone elected to office, regardless of what ever the reason for a recall--truly voting against one's self-interest.
blkmusclmachine
(16,149 posts)Demo_Chris
(6,234 posts)I think one or two or maybe three more aught to do it.
colsohlibgal
(5,275 posts)I've spent the vast majority of my life in a couple of traditionally well off suburbs of Columbus. But now the changes set in motion by Reagan have led to poverty showing up and food banks in these same places. The struggling are all around us.
Not surprising, good solid middle class jobs, both white and blue collar, are vanishing. If you're a married couple and one or both lose your jobs, shifts at Wendys aren't going to float that lifestyle.
This is what's under reported, under employment. People are suffering and the ruling class rolls on, 600 million dollar golden parachutes while formerly well enough off people eat jam sandwiches - two pieces of bread "jammed" together.
woo me with science
(32,139 posts)TakeALeftTurn
(316 posts)533,000 more people haven't got jobs compared to the start of the year.
Hourly wage compensation just got hit for 3.8% in the latest data a day or 2 ago.
http://www.democraticunderground.com/10022926065