Quantcast
Connect with us

Upper-middle class feeling the ill-effects of Trump’s economy as top 1 percent continue to benefit: report

Published

on

According to a report at Bloomberg, Americans who consider themselves part of the upper-middle class are starting to feel an economic “pinch” under President Donald Trump while the top 1 percent continue to increase their fortunes.

The report notes that upper-income households are finding the economy is not their friend as prices increase and their incomes — like those of the less-well-off — are not keeping pace.

“Newly available net worth data from the Federal Reserve suggests that the ‘left-behind’ contagion has spread to all Americans aside from the top 10 percent,” Bloomberg report. “While still wealthier overall than most other groups, even the upper-middle class is feeling the pinch of income stagnation. The growth rate of this group’s incomes is lagging behind that of those both lower and higher on the socioeconomic ladder.”

The data shows that wealthier families are increasing their debt loads to keep pace — and that debt is much more costly in the form of overuse of credit cards.

Pointing out that “Credit card interest rates recently reached a generational high despite a relatively low prime rate. The spread between the two rates is at its highest point in almost a decade,” Bloomberg noted a frightening uptick in credit card debt servicing.

As for the very rich, they are increasing their wealth as others struggle.

ADVERTISEMENT

“Company ownership, equity shares in both public and private firms, has been sliding for the upper middle class too. The share of equity ownership for those in the 50th percentile to the 90th percentile of net worth has fallen,” Bloomberg reports, adding dryly: “The top one percent of Americans owns the majority of shares.”

You can read more here.

 

 

ADVERTISEMENT

 

 

Report typos and corrections to [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Progressive reformer claims victory in fiercely-contested Queens DA race

Published

on

Progressive reformer Tiffany Cabán has declared victory in her campaign versus Melinda Katz in the Queens District Attorney race.

With 99% of precincts reporting, Cabán held a lead of 1,090 votes, The New York Times reports.

Cabán was backed by Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Bernie Sanders (I-VT).

Katz was backed by Rep. Gregory Meeks (D-NY), who chairs the Queens Democratic Party, and Rep. Hakeem Jeffries (D-NY)

https://twitter.com/CabanForQueens/status/1143721257353076737

https://twitter.com/CabanForQueens/status/1143721448168710151

Continue Reading

2020 Election

New 2020 poll shows Trump trailing all Democrats — some by double-digits

Published

on

President Donald Trump trails all of his Democratic rivals in hypothetical matchups of the 2020 presidential race, according to the result of a new poll released Tuesday.

This article originally appeared on Salon.

The survey, conducted by Emerson Polling, found that the president lags behind former vice president Joe Biden and Sen. Bernie Sanders, I-Vt., by 10 points nationally — 45 percent to 55 percent. He also trails Sen. Elizabeth Warren by six points — 47 percent to 53 percent —and Sen. Kamala Harris, D-Calif., and South Bend, Ind. Mayor Pete Buttigieg by four points — 48 percent to 52 percent.

Continue Reading
 

Breaking Banner

Beto O’Rourke’s ‘war tax’ policy proposal is straight out of ‘Starship Troopers’

Published

on

Amid an overcrowded Democratic presidential candidate field, it's hard to distinguish yourself from the pack if you don't slot easily into the scale that runs from "pro-corporate centrist" to "left-populist." If you're former Texas congressman Beto O'Rourke —  who falls somewhere in the middle, politically, and somewhere towards the top, looks-wise — you pull a militaristic policy proposal out of your hat that recalls some of the most campy pseudo-fascist sci-fi ever written.

Continue Reading
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

 ENOUGH IS ENOUGH 

Trump endorses killing journalists, like Washington Post columnist Jamal Khashoggi. Online ad networks are now targeting sites that cover acts of violence against dissidents, LGBTQ people and people of color.

Learn how you can help.
close-link