A new study by the Pew Research Center shows the US middle class has shrunk from 62 percent of the adult population in 1970 to 50 percent today. In addition, middle class income has shrunk 4 percent since 2000. And all of this has occurred with Democratic Wall Street Senator Ron Wyden, one the architects on the war against the middle class, leading the charge against the middle class on behalf of the 1 percent, first in the US congress, and lately in the US senate.
Every president since Ronald Reagan has been in on this scam. For the past twenty years, Wyden has been the number one congressional champion of income and wealth redistribution scams, such as NAFTA and the Trans Pacific Partnership. The Federal Reserve has bailed out rich investors time after time, and most recently raised interest rates. The latter raised the interest on loans the 99 percent pay to the banks, which will enrich the banks. This action will increase bank profits, raised dividends to the rich folks who own shares of the banks, and raise share prices. Guess who benefits, and guess who loses. And it’s worse than the chart below shows.
If you subtract the 1 percent with its 37 percent of total national income, the middle class looks considerably smaller than the above graph shows. The median income would shift to the left considerably, and be smaller in the process. Below is a graph based on actual income distribution in which the 1 percent are stealing 37 percent of all income in 2015 compared to just 8 percent in 1980.
Wall Street Senator Ron Wyden has led and is still leading the attack of the 1 percent against the middle class, and he is responsible for this because of his support for income redistribution agreements, falsely marketed as trade agreements, which shifts jobs overseas. The difference between the old higher US wages and the new lower Chinese, Vietnamese, Mexican, Pakistani and Indian wages go straight into the pockets of the rich via higher corporate earnings, rising share prices, and surging dividends.
The result of the Wyden attack has been to weaken the demand sector of the US economy, since everybody but the 1 percent purchases the goods and services necessary to keep the economy chugging along. The 1 percent, instead, invest their money in politicians like Wyden, Mitch McConnell, Orrin Hatch, Earl Blumenauer, as well as in stocks and bonds and other assets. And this is precisely why we have an economy twice the size of 1980, with a population also about twice the size, but which produces fewer and fewer jobs with declining real wages compared to 1980.
Wyden, Hatch and McConnell are notorious in that they have assumed the rich are not sufficiently rich, and so they are supporting the most massive income redistribution scam in US history, the Trans Pacific Partnership. This will soon be voted on in congress. See What the Corporate News Media Refuses to Tell the Public About The Trans-Pacific Partnership: It’s a Massive Income Redistribution Agreement That Will Drive the Middle Class Further into Poverty, While Enriching the Already Wealthy, And Driving Millions of People into the United States Illegally to Depress US Wages Even More–JohnHively.wordpress.com
For more on this study by the Pew Research Institute, click on the link below.