Friday, October 31, 2014

How Long Can The Top 10% Households Prop Up The “Recovery”?

Charles Hugh-Smith
OfTwoMinds blog

October 31, 2014

The question of “recovery” really boils down to this: how much longer can the top 10% prop up the expansion?
A flurry of recent media stories have addressed housing unaffordability, for example Why Middle-Class Americans Can’t Afford to Live in Liberal Cities.
The topic of housing unaffordability crosses party lines: Housing Ownership Back to 1995 Levels (U.S. Census Bureau).
Other stories reflect an enduring interest in the questions, what is a living wage?and what is a middle-class income? These questions express the anxiety that naturally arises from the sense that we’re sliding downhill in terms of our purchasing power–a reality that is confirmed by this chart: 
 

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