American incomes and low wage America – top 1 percent earn above $343,927, top 5 percent above $154,643, top 10 percent above $112,124, top 25 percent above $66,193, top 50 percent above $32,396 – Over 68,500,000 tax filers, 50 percent of the country, make $32,000 a year or less. Food stamp usage peaks at over 46 million.
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A recent report regarding income has thrown a few people off. I think many Americans fail to realize how many people are barely making it day to day financially. Do people realize that we still have 46,000,000+ Americans on food stamps and this coincides perfectly with the booming market in dollar stores? These are not glamorous economic metrics for the global economic super power. Hard to believe but the truth is the working and middle class has been squeezed over the last few decades. This goes beyond politics and is completely driven by the aggregation of financial power. The grim reality is that even after the grandest collapse since the Great Depression not one strong piece of legislation has been passed to curb the investment banking casino. More to the recent report, the latest tax data on incomes shows how many Americans are simply getting by.
So what does it take to be in the top income brackets?
The Tax Foundation put out data showing the breakdown of taxes across the country:
The surprising point isn’t the income required for the top brackets but look at how many people have incomes that fall under the $32,000 mark. This sense of shock was also encountered when I put out an article showing that the average per capita income of Americans is $25,000. How can that be right people countered? This data is pulled from the IRS and also Social Security records. This is simply the reality of the new America we are living in.
Sure we hear about the hype regarding the recovery. But take a look at food stamp usage:
Source:Â Zero Hedge
If you haven’t deduced it from the chart above, we are at a peak of food stamp usage today. Over 46,000,000 Americans are receiving food stamps in what is supposedly an economic recovery. It is hard to believe what the government dishes out but the fact that dollar stores are booming and a large section of their stores are dedicated to food should tell you where a large source of funding is coming from. Why not right? You have a large customer base and it seems to be growing.
Back to the income data it is hard to believe that half our country has incomes under $32,000 a year. Over 68,500,000 households have reported incomes below that figure. You have a push for low-wage capitalism as the middle class is squeezed out by a dwindling paycheck.
Household income is in a wide state of decline:
Household income peaked in 1999 and has been falling ever since. The Federal Reserve by bailing out the financial system is pushing the cost to the entire country. Notice how healthcare, education, and energy all seem to be going up in price yet wages are not?  What I find more stunning is how little has been done in this massive wealth transfer to the financial sector. Trillions of dollars have shifted to a sector that has largely benefitted from creating the crisis that has crushed the middle class.
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4 Comments on this post
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Robert D. Hays said:
It is of no surprise that all of these readily available statistics and facts are not being reported in a manner of urgency by the liberal media. For “Big Government” to continue its massive growth and the obvious take over of our “Free Market” enterprise system, those unacceptable figures will worsen. Politicians and Liberal Media outlets will continue to mislead the populous with their creative re-formulating of figures for the convenience of reporting such positive turn of events, and upswings relating to our current economic issues. I mean come on, taste the cool-aid! The message says, see! The re-distribution of wealth and massive bailouts are working its just going to take time. The Economic conditions that were inherited by the previous administration were much worse than predicted, or forecasted, or, you get the point. A cunning attempt to parlay 4 more years to complete what has been intentionally being done right in front of the entire country while we all just watch. Talk about taking “Reality” t.v. to a whole new level! Wake up Americans! Those troubled and confused looks on the faces of our allies are based on their real fear of the collapse of Capitalism and the Free Market. Those laughs and gears are from Russia and China who anxiously await the collapse of the greatest industrial powerhouse in history. Meanwhile they are both following the process maps and flow charts written in our history books like dot-to-dot’s creating their own industrial revolutions that could very well result in the eventual end of America as the economic stronghold the world so desperately depends on. How long will we be able to continue to give aid and other funding to the majority of the worlds countries? How many of the citizens of those countries in which we provide such large amounts of money to, are not aware of these yearly contributions? Would they spit on the west and burn American flags if they knew how charitable Americans are? The “American Dream” and everything it represented as the Land of the “Free” and the Land of “Opportunity” is rapidly approaching the real loss of its identity and meaning! Where is your “Fight” America? Where is your “Courage” Americans? Use your voice! Let me help you with a common sense message you can start with; CURRENT ADMINISTRATION! STOP SPENDING! STOP RAISING THE DEBT LIMIT! WE HAVE TO BE RESPONSIBLE AS A NATION AND BUDGET WITHIN OUR MEANS! SIMPLIFY THE TAX CODE AND ELIMINATE THE LOOP-HOLES! 2013 IS FAST APPROACHING AND THERE ARE INVESTORS WITH PLENTY OF CAPITAL INTERESTED IN TAKING THE RISK AS LONG AS THERE IS THE POSSIBILITY OF RECEIVING THE REWARD OF A RETURN ON THEIR INVESTMENTS! ITS TIME WASHINGTON! ITS TIME! NO MORE SPECIAL INTERESTS! NO MORE PERSONAL AGENDAS! NO MORE WASHINGTON POLITICS! PUT THE UNITED STATES FIRST! OUR ECONOMIC FUTURE IS DEPENDING ON ALL OF YOU!
February 24th, 2012 at 7:37 am -
Owta Liine said:
as long as bankers and politicians can legally line each others pockets, this will continue.
and the electorate will continue to vote for politicians who want to grow government (from the left or right).
paul rosenberg (freemansperspectiveDOTcom) says we are at the beginning of a golden age if we can seize it. what do you think?
free-market states need to secede and leave the moochers behind.
and those who voted for the moocher state, once they are reaping what they sowed and dont like it, need to suffer the consequences, we dont want you in our productive state. moochers stay out. hopefully texas will be first with much of the south and west following.March 2nd, 2012 at 7:24 am -
Jason said:
Wify and I are in the 5% class.
Keep voting for Republicans and Democrats because both parties are making us rich.
We live and work in the DC area.
🙂
October 3rd, 2015 at 8:59 pm -
kent said:
I am in the top 5% too. Love to hear people that like tax cuts for the rich. Small government Ok. Ask yourself why your taxes are so high. Uncle Donald likes rich people and I voted for him. Keep on voting for these republicans. You will be on the chowline and I will be drinking beer on the beach. Thanks all you Trump voters.
February 19th, 2017 at 10:44 pm