Home | About | Donate

Racial Inequality Is Hollowing Out America’s Middle Class


#1

Racial Inequality Is Hollowing Out America’s Middle Class

Dedrick Asante-Muhammad, Chuck Collins

America’s middle class is under assault.

Since 1983, national median wealth has declined by 20 percent, falling from $73,000 to $64,000 in 2013. And U.S. homeownership has been in a steady decline since 2005.

While we often hear about the struggles of the white working class, a driving force behind this trend is an accelerating decline in black and Latino household wealth.


#2

I find it odd that just when African americans were given more access to the workplace and more opportunity - the economy started to decline. This goes back to the late 70s although there was some level of prosperity in the 90s. Is this by design of the racist oligarchical masters who run the US - mostly in secret? Look at Detroit - used to be a great part of the economy with many African American families able to advance economically. Now it is in total decline and has, in many ways, been destroyed. Is this by design? Outsourcing, incarceration, decline of labor unions and power, NAFTA, the 2008 depression, Overturning Glass-Steagall. There is a lot of effort in all of this to design something that will destroy labor power, the middle class and not permit African americans to make their way in this country - let alone repay them for all they are owed. This seems by design and much of it started with Nixon - who no doubt was a racist who designed the southern strategy to bring into the republican party the rabid racists of the south. It is a sad comment, but when troubles and injustices only hit the African American community - the rest seems oblivious or uncaring. When the same things start to happen to them - then they wake up to some reality. Much like drugs - when the heroin addict was a poor black man in the alley - not too much to care about. When it was the white middle class child of the local banker - well then they started to pay attention and there have been many. When can we start to be real human beings and put aside the fakeness and embrace the reality of our common humanity?


#3

A bit off topic but here is a good conversation with historian Dr. Gerald Horne and Abby Martin.

tps://videosenglish.telesurtv.net/video/677314/the-empire-files-677314/

Peace
Po


#4

I’ve often wondered whether the term “middle class” itself is part of the ongoing war on the workers; does it serve to unite or divide us? There are only two sides to a paycheck—one either signs on the front, as employer, or on the back, as employee. There is no middle.

Maybe it’s time to revive the old song, “Which Side Are You On?”


#5

“The nation has experienced 30 years of middle class decline” … triggered by 1986 income tax “reform”, the most regressive tax reform in US history. Democrats continue to call it “bipartisan 1986 tax reform” seeing how it was the recently formed Democratic Leadership Council"s (DLC) first litmus test of their commitment to get more corporate money than the GOP gets.

Each of Obama’s State of the Union messages included his zeal to enact “tax reform in the spirit of 1986 bipartisan tax reform”. Fortunately the push back he got from progressives kept that agenda item from advancing. Now Trump is pushing full throttle for “tax reform” that will be even more regressive than the 1986 legislation, thereby pushing more Murkins out of the middle class than were pushed out by the 2008 crash that Trump reminds us he profited handsomely from.


#6

Wealth has grown by 70% since 2009, first quarter of year, according to the Federal Reserve report Flow of Funds, page 2. It was $48 trillion, now is $94.8 trillion, and adjusting for inflation that is a 70% increase. Each human on average has a net worth of $291,000. The average household $758,000. The average 4 person household $1,164,000. We could institute a Financial Transaction Tax, or a direct wealth tax. I read a U.S. Census report that $130 billion was collected in property taxes by state and local governments in 2015. That was more than the sales tax total, and more than the personal income tax total (for states, not federal). Property is taxable. Financial assets are 2/3rds the total net worth, “tangible assets” meaning homes, and real estate properties are 1/3rd. The total U.S. household net worth is about 6 times greater than the annual national income, which is $16.2 trillion according to the BEA.gov. My blog: http://benL8.blogspot.com, Economics Without Greed