Donate

A startling new study proves that America's Middle Class has been utterly, completely wiped out -- these are the people all politicians are always talking to, in theory. What happened? Apparently, wages have been declining for thirty or forty years and pensions have vanished and the one asset 90% of middle class people owned is no longer worth anything. (That asset is "their house," and many have also lost the actual house, in addition to its supposed value before the crash.)


Rex Nutting writes at Marketwatch:

On average, American homeowners lost 55% of the wealth in their home.

Most middle-class families didn’t have much wealth to begin with — about $100,000. For the 22 million families right in the middle of the income distribution (those making between $39,000 and $62,000 before taxes), about 90% of their assets was in the house. Now half of their wealth is gone and it will never come back as long as they live.

Whoa, why such a Negative Nancy? Didn't we also have a recovery since then?

Yes we did: "The rich recovered; the rest of us didn’t."

This seems like something the Democrats would be interested in, right? Well yes, the Democrats are -- like the Republicans -- interested in the rich.

But how did we, uh, even manage to survive during the first decade of this awful century? Experts say it's because the Middle Class took out home equity loans to make up for all the raises they weren't getting. That's how America kept spending money (and charging more on those high-limit credit cards everybody got the week after they signed a fraudulent mortgage document) from 9/11 onward.

Meanwhile, a grim new report shows that Americans have cut their spending, on average, by $175 per month since the financial collapse. That adds up to $7,300 since the bubble burst, per American, And that adds up to $2.3 trillion American Consumers haven't spent since they stopped consuming, which happened when they ... ran out of money, forever. [Marketwatch/Business Week]

$
Donate with CC

Even Dinsdale was frightened of Doug ... He used sarcasm. He knew all the tricks: dramatic irony, metaphor, bathos, puns, parody, litotes and satire.

Yr Wonkette is no stranger to the double-edged weapon of sarcasm, we'll admit. OR WILL WE? It's part of our postmodern toolkit, with which we seek to undermine patriotism, faith, the free market, the family, and ultimately America itself. Duh. But we would never be so naive as to think we have a monopoly on irony and sarcasm, oh no, far from it. This week, we dip into the sludge of deletia for some brilliant examples of cutting rightwing wit turned back on us, with devastating results. Hope you're not all TRIGGERED so much you have to go find a SAFE SPACE, libs!

Keep reading... Show less
$
Donate with CC

This weekend, hundreds of people are gathering in Denver, Colorado for the 2018 Flat Earth Conference -- two whole days of people with suspiciously Andy Warhol-like hair yelling "Where's the curve?!?" and talking about ice walls -- and we are missing out! Flat earthers are kind of the best of all conspiracy theorists, because aside from a few fascists and anti-Semites in the mix, they are mostly harmless cranks who just want to feel like they are way smarter than all of the scientists. As far as I know, believing in a Flat Earth, while stupid, has never hurt anyone -- which is honestly kind of refreshing these days!

Keep reading... Show less
$
Donate with CC
Donate

How often would you like to donate?

Select an amount (USD)

Newsletter

©2018 by Commie Girl Industries, Inc