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.
Source: 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.