Friday, November 05, 2010

Magma Crisis Finished Off the Middle Class.

The “magma chart”: the Fed balance sheet, courtesy of the Cleveland Fed.
We, the U.S. consumers have little left to spend on goods and services. Why?  Well, because we have so much to spend on debt service. Moreover, if take a look at  wage distribution in the US for 2009 from the Social Security Administration, our wages, on average, were nothing to brag about.

The largest group of wage earners made between $0.01 — 4,999.99, earning, on average $2,016. And the average wage for everyone was $39,054, but the median was a mere $26,261, with two-thirds of all workers making than $40,000.
“Experience declares that man is the only animal which devours his own kind, for I can apply no milder term to…the general prey of the rich on the poor.” -- Thomas Jefferson

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