The American Middle Class Is Losing Ground
No longer the majority and falling behind financially
After more than four decades of serving as the nation’s economic majority, the American middle class is now matched in number by those in the economic tiers above and below it. In early 2015, 120.8 million adults were in middle-income households, compared with 121.3 million in lower- and upper-income households combined, a demographic shift that could signal a tipping point, according to a new Pew Research Center analysis of government data.1
America is the richest country on Earth. We have the most millionaires, the most billionaires and our wealthiest citizens have garnered more of the planet’s riches than any other group in the world. We even have hedge fund managers who make in one hour as much as the average family makes in 21 years!
This opulence is supposed to trickle down to the rest of us, improving the lives of everyday Americans. At least that’s what free-market cheerleaders repeatedly promise us.
Unfortunately, it’s a lie, one of the biggest ever perpetrated on the American people.
Our middle class is falling further and further behind in comparison to the rest of the world. We keep hearing that America is number one. Well, when it comes to middle-class wealth, we’re number 27.
The most telling comparative measurement is median wealth (per adult). It describes the amount of wealth accumulated by the person precisely in the middle of the wealth distribution—50 percent of the adult population has more wealth, while 50 percent has less. You can’t get more middle than that.
Wealth is measured by the total sum of all our assets (homes, bank accounts, stocks, bonds etc.) minus our liabilities (outstanding loans and other debts). It the best indicator we have for individual and family prosperity. While the never-ending accumulation of wealth may be wrecking the planet, wealth also provides basic security, especially in a country like ours with such skimpy social programs. Wealth allows us to survive periods of economic turmoil. Wealth allows our children to go to college without incurring crippling debts, or to get help for the down payment on their first homes. As Billie Holiday sings, “God bless the child that’s got his own.”
Well, it’s a sad song. As the chart below shows, there are 26 other countries with a median wealth higher than ours (and the relative reduction of U.S. median wealth has done nothing to make our economy more sustainable).
QUETTA: The state sees them as unruly men serving power-hungry sardars, but the six 20-something Baloch Student Organisation-Azad (BSO-Azad) members sitting cross-legged on the floor of their dorm room come across as more diligent than unruly, and more revolutionary than submissive.
As active sympathisers of a rebellion calling for outright independence, they embody a new kind of Baloch freedom fighter – or sarmachar.
And a new kind of victim of the kill-and-dump policy practised, they claim, by the Frontier Core (FC) and intelligence agencies.
These six young men are urbanised, middle-class, educated, and typically allied as equals rather than serving as underlings to the separatist Bugti and Marri sardars of Balochistan.
“We are united in our call for an independent Balochistan. And we have sacrificed our lives for our cause. Ninety-five members of BSO-Azad have been picked up, tortured and brutally murdered by the establishment. Many of them were students at educational institutions like Balochistan University,” says Khalid, an office-holder in BSO-Azad.
Malik Siraj Akbar, the editor of the online newspaper, Baloch Hal, which has been banned in Pakistan, agrees. “Today’s Baloch movement is headed not solely by […] tribal chiefs, but [by] educated middle class youth,” says Malik in the introduction to his book, “The Redefined Dimensions of the Baloch Nationalist Movement”.
Name of Excellence in alternative & borderless journalism.Together we stitch the world & make a difference. Leading today for tomorrow. Sindh lives here
Indus Asia Online Journal (Click here to go to home page) 