The Servant Economy: Where America's Elite is Sending the Middle Class

Vitaliy_Kiselev

Vitaliy_Kiselev

Vitaliy_Kiselev

Only 28% of Americans are considered “financially healthy,” according to a CFSI survey of more than 5,000 Americans. “Financial health enables family stability, education, and upward mobility, not just for individuals today but across future generations,” the CFSI says. “Many are dealing with an unhealthy amount of debt, irregular income, and sporadic savings habits.”

Meanwhile, 17% of Americans are “financially vulnerable,” meaning they struggle with nearly all financial aspects of their lives, and 55% are “financially coping,” meaning they struggle with some but not all aspects of their financial lives. The recent volatility in the Dow Jones Industrial and S&P 500 has not helped Americans feel secure, experts say.

Vitaliy_Kiselev

The middle class is imploding in society after society. Even the vaunted Canadian and European middle classes, better protected by generous social contracts, are beginning to decline. The working class is fast becoming something like a caste of digital serfs, roaming from on demand gig to on demand gig, scavenging the landfill of prosperity for today’s ride, task, job, detritus.

https://eand.co/the-big-crash-54a178e6da8a

Vitaliy_Kiselev

Vitaliy_Kiselev

Unions role

garroulus

https://www.washingtonpost.com/business/2019/10/08/first-time-history-us-billionaires-paid-lower-tax-rate-than-working-class-last-year/

Vitaliy_Kiselev

Vitaliy_Kiselev

On stock market as special income redistribution machine

Vitaliy_Kiselev

According to the latest Fed data, the top 1% of Americans have a combined net worth of $34.2 trillion (or 30.4% of all household wealth in the U.S.), while the bottom 50% of the population holds just $2.1 trillion combined (or 1.9% of all wealth).

Vitaliy_Kiselev

Vitaliy_Kiselev

Vitaliy_Kiselev

Vitaliy_Kiselev

Issues with social mobility

Vitaliy_Kiselev

Vitaliy_Kiselev

U.S. Billionaires Gained $1 Trillion Since The Pandemic Started

Vitaliy_Kiselev

COVID made big dent in the middle class life

Vitaliy_Kiselev

Middle class mostly holding due to another bubble on housing market

Vitaliy_Kiselev

Vitaliy_Kiselev

Vitaliy_Kiselev

https://www.visualcapitalist.com/visualized-the-richest-families-in-america/

Vitaliy_Kiselev

In 2020, the energy per capita was about 279 million Btu, which is worse not only in 1995 (343 million Btu), but even 1970 (324 million Btu). The current level corresponds to about the mid-60s.

And Biden wants to lower it at least by 30-40%. To the 20s-30s times.

Vitaliy_Kiselev

Vitaliy_Kiselev

Vitaliy_Kiselev

Recovery is very unequal

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