According to a recent Pew Research Center report federal data indicates that the typical wealth of middle-income families was basically unchanged in 2013, remaining at about $96,500.
Combined with Pew’s 2012 study, in which 85% of self-described middle-class adults said it was more difficult than it was a decade ago for middle-class people to maintain their standard of living, it is clear that middle income Americans continue to face tough times. “Their downbeat,” notes Pew, “comes at the end of a decade in which, for the first time since the end of World War II, mean family incomes declined for Americans in all income tiers. But the middle-income tier—defined as all adults whose annual household income is two-thirds to double the national median —is the only one that also shrunk in size, a trend that has continued over the past four decades.”
It is not coincidental that throughout the past half-century, $22 trillion dollars (not including Social Security or Medicaid) have been taken out of the U.S. economy in the form of taxes for an unsuccessful War on Poverty. That’s more than three times the cost of all U.S. military wars since the American Revolution, according to the Heritage Foundation.
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WallStreetCheat.com notes “The struggles of the middle class have been well documented and oft-reported. Faced with a tough economy — including hard fights for jobs, adequate pay, and adjustments to compensate for the Affordable Care Act — members of what is supposed to be America’s backbone are finding that the post-recession world is more difficult than many imagined…Jobs that were lost to the recession have returned, but are paying a fraction of what they were previously. Essentially, everyone has had to make sacrifices to return the country to economic prosperity. But the sacrifices have been levied on those in the working class almost exclusively.”
By de-emphasizing free enterprise growth in favor of government programs, the means with which generations of Americans from the earliest days of the nation’s history until the middle of the twentieth century pulled their way out of poverty and into the middle class was handicapped.