What happened to the middle class?

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Vance

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CHICAGO (CBS.MW) -- Could it be that people are just tired of buying things on the cheap at Wal-Mart?

The recent spate of sales figures and job numbers underscore an emerging picture for the economy: the gap between the haves and the have-nots is widening amid a draining of the middle-income ranks.

"The longer-term pattern is that the rich are getting richer," said Standard & Poor's Chief Economist David Wyss. "It's not so much that the poor are getting poorer, but there's a hollowing out of the middle class."

As fortunes improve for certain sectors of the population, so too do their tastes for autos, apparel and home furnishings to leisure and hospitality choices, leading to a "buying up" to better and higher-priced merchandise and experiences.

At the same time, the higher prices at the gas pump and for home energy bills are pinching the monthly budgets of lower-end consumers -- and ultimately showing up in receipts at the retailers who cater to them.

More ... source: http://cbs.marketwatch.com/news/arc...&archive=true&param=archive&garden=&minisite= (registration required)


That's exactly what I predicted.
 
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Because its people like bill clinton who screwed the middle class with his tax promises. He said in his 1992 election , ""I will raise taxes on people who are making $200,000 and more "' You know what he did when you elected him? He raised the 10% BTU tax that cost the middle class and the poor to pay more outta their wallets and he raised 5 cents more tax on gasolene that cost the middle class and the poor to pay more outta their wallets. It doesnt hurt the wealthy as he promised.It hurts people like you and me the little guy. Thatsc why democrats are not going to be trusted anymore. And i think bush and his republicans just proved that today.
 
Magatsu said:
"The longer-term pattern is that the rich are getting richer," said Standard & Poor's Chief Economist David Wyss. "It's not so much that the poor are getting poorer, but there's a hollowing out of the middle class."
Click to expand...

So, more of the middle class are moving up into the wealthier class. That's a good thing, right? I mean, if I could move up from middle class into upper class, I would be glad, not sad.

The economist said that it is NOT because poor are becoming poorer. That is good, too.

Also, "class" does not always depend on income level (except to an economist).
 
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