Horrible squeeze on poor and lower middle class in USA over past 3 to 4 decades



[To open pic in higher resolution, right-click on pic followed by open in new tab/window. In new tab/window you may have to click on pic to zoom in.]

The above pic tells us about the horrible squeeze that has been put on the poor and middle class in the USA over the past three to four decades. Here is the data in text [Note that the pic at one place misspells increased as increead (sic)]:

Since 1978, the cost of:
College tuition has increased by 1,120%
Medical care has increased by 601%
Food has increased by 244%
Shelter has gone up by 380%

Meanwhile the pay of:
Typical workers rose by just 10%
Minimum wage workers fell by 5.5%
Average CEOs increased by 937%

Sources: EPI, Bloomberg, US Labor department

--- end text contents of above pic ---

Ravi: That is unacceptable and, frankly, a dangerous situation for a society as people's frustrations may drive them to do crazy things. I hope and pray that the situation for the poor and lower middle class of the USA improves quickly and significantly.

Pic source: https://vault.myvzw.com/webcs/app/share/view/YX4lML6K1d?shareUid=5dc193212b6c45cebcbe106461dbbb2a.

Here's the Bloomberg chart for some of the above data: https://www.bloomberg.com/news/articles/2012-08-23/college-tuitions-1-120-percent-increase.

This has the data for CEO pay rise and worker pay rise: http://www.epi.org/publication/ceo-pay-has-grown-90-times-faster-than-typical-worker-pay-since-1978/.

So the data of the pic (except the minimum wage figure) is confirmed as being from EPI and Bloomberg, both of which seem to be reputed sources.

Comments

Archive

Show more