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Almost two-thirds of Americans live from paycheck to paycheck. Almost half say that no matter how hard they work, they cannot get ahead.
"For most Americans, the traditional American Dream is a pipe dream." — Richard Oden, who lost his job at age 54
Except for the very wealthy, Americans in all income categories have experienced a decline in their living standard since 2000. The normally upbeat PARADE magazine, which comes as a weekly supplement in many newspapers across the country, commissioned a survey of what Americans though of their lives. The results, as many of us might guess, were not optimistic. Here are some of the findings:
56% think things will be worse for their own children or for future generations.
Nearly 57% say they believe that the middle class in America is decreasing.
51% of employed members of the middle class have experienced either increased health-care costs or a cut in health benefits, and 39% have experienced cuts in overtime, raises or bonuses.
66% say they tend to live from paycheck to paycheck.
47% say that no matter how hard they work, they cannot get ahead.
Nearly 83% say that there is not much money left to save after they have paid their bills. ("Is the American Dream Still Possible?" by David Wallechinsky)
The article also cites evidence of how much the American standard of living has declined since the Republicans took charge of both the White House and Congress:
The real median household income declined 3% from 2000 to 2004.
The percentage of households earning $25,000 to $99,999 (roughly middle-income range) shrank 1.5% from 2000 to 2004.
Last year, real average weekly earnings actually fell 0.4%.
The savings rate for Americans is the lowest it has been in 73 years.
Credit-card debt is at an all-time high, averaging $9,312 per household.
The average cost per year of a public college (in state) is $12,127, a 25% increase since 2001. ("Is the American Dream Still Possible?" by David Wallechinsky)
Interestingly, what is not mentioned in the article are the runaway health care costs that have grown unchecked since 2000. For example:
Workers are now paying $1,094 more in premiums annually for family coverage than they did in 2000.
Since 2000, employment-based health insurance premiums have increased 73 percent, compared to cumulative inflation of 14 percent and cumulative wage growth of 15 percent during the same period.
Premiums for employer-sponsored health insurance in the United States have been rising five times faster on average than workers' earnings since 2000 (Henry J. Kaiser Foundation, from National Coalition on Health Care).
The average employee contribution to company-provided health insurance has increased more than 143 percent since 2000. Average out-of-pocket costs for deductibles, co-payments for medications, and co-insurance for physician and hospital visits rose 115 percent during the same period (Hewitt Associates LLC, from National Coalition on Health Care).
50 percent of all bankruptcy filings were partly the result of medical expenses. Every 30 seconds in the United States someone files for bankruptcy in the aftermath of a serious health problem (Himmelstein, D; E. Warren; D. Thorne; and S. Woolhander; from National Coalition on Health Care).
Many Americans think that this country has the highest standard of living in the world. If standard of living is measured as the per capita share of the gross domestic product (GDP), the U.S. ranks at best 7th behind Luxembourg, Norway, Switzerland, Ireland, Denmark and Iceland ("Big and Bad," Sierra, May/June 2006). Remember when the Irish used to come to the U.S. for a better way of life?
Perhaps Republican Congressman Gil Gutknecht (MN 1) said it best when quoted in a recent Wall Street Journal article: "Why is there still economic angst in the United States? The answer is the average working American hasn't had a real pay raise."
Amen.
Bingo.
Thanks George, for giving the average American working man a memorable 6+ years worth of ass fuckings.
"For most Americans, the traditional American Dream is a pipe dream." — Richard Oden, who lost his job at age 54
Except for the very wealthy, Americans in all income categories have experienced a decline in their living standard since 2000. The normally upbeat PARADE magazine, which comes as a weekly supplement in many newspapers across the country, commissioned a survey of what Americans though of their lives. The results, as many of us might guess, were not optimistic. Here are some of the findings:
56% think things will be worse for their own children or for future generations.
Nearly 57% say they believe that the middle class in America is decreasing.
51% of employed members of the middle class have experienced either increased health-care costs or a cut in health benefits, and 39% have experienced cuts in overtime, raises or bonuses.
66% say they tend to live from paycheck to paycheck.
47% say that no matter how hard they work, they cannot get ahead.
Nearly 83% say that there is not much money left to save after they have paid their bills. ("Is the American Dream Still Possible?" by David Wallechinsky)
The article also cites evidence of how much the American standard of living has declined since the Republicans took charge of both the White House and Congress:
The real median household income declined 3% from 2000 to 2004.
The percentage of households earning $25,000 to $99,999 (roughly middle-income range) shrank 1.5% from 2000 to 2004.
Last year, real average weekly earnings actually fell 0.4%.
The savings rate for Americans is the lowest it has been in 73 years.
Credit-card debt is at an all-time high, averaging $9,312 per household.
The average cost per year of a public college (in state) is $12,127, a 25% increase since 2001. ("Is the American Dream Still Possible?" by David Wallechinsky)
Interestingly, what is not mentioned in the article are the runaway health care costs that have grown unchecked since 2000. For example:
Workers are now paying $1,094 more in premiums annually for family coverage than they did in 2000.
Since 2000, employment-based health insurance premiums have increased 73 percent, compared to cumulative inflation of 14 percent and cumulative wage growth of 15 percent during the same period.
Premiums for employer-sponsored health insurance in the United States have been rising five times faster on average than workers' earnings since 2000 (Henry J. Kaiser Foundation, from National Coalition on Health Care).
The average employee contribution to company-provided health insurance has increased more than 143 percent since 2000. Average out-of-pocket costs for deductibles, co-payments for medications, and co-insurance for physician and hospital visits rose 115 percent during the same period (Hewitt Associates LLC, from National Coalition on Health Care).
50 percent of all bankruptcy filings were partly the result of medical expenses. Every 30 seconds in the United States someone files for bankruptcy in the aftermath of a serious health problem (Himmelstein, D; E. Warren; D. Thorne; and S. Woolhander; from National Coalition on Health Care).
Many Americans think that this country has the highest standard of living in the world. If standard of living is measured as the per capita share of the gross domestic product (GDP), the U.S. ranks at best 7th behind Luxembourg, Norway, Switzerland, Ireland, Denmark and Iceland ("Big and Bad," Sierra, May/June 2006). Remember when the Irish used to come to the U.S. for a better way of life?
Perhaps Republican Congressman Gil Gutknecht (MN 1) said it best when quoted in a recent Wall Street Journal article: "Why is there still economic angst in the United States? The answer is the average working American hasn't had a real pay raise."
Amen.
Bingo.
Thanks George, for giving the average American working man a memorable 6+ years worth of ass fuckings.
