So asks Logan Brown (ivn.us) in edited excerpts from his original article/infographic* entitled What Happened to America’s Middle Class? (Hat Tip to SeniorD)
[The following is presented by Lorimer Wilson, editor of www.FinancialArticleSummariesToday.com and www.munKNEE.com and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.]
Brown goes on to say in further edited excerpts:
…One important factor is the rise of a middle class in other developing industrialized nations, such as China. Much of U.S. unskilled jobs are being outsourced to emerging markets which offer much cheaper labor than within the U.S. 14 years ago the average household income in China was $760 in 2000 and it now starts at $10,000. The success in these emerging markets offers an explanation as to why portions of the U.S. middle class are struggling.
Divisions within the American lower-middle class and upper-middle class can be examined through the gap between skilled and unskilled workers, as well as through the massive disparities with white American household incomes compared to that of other ethnic minorities.
The current median wealth of white families is $113,149, $89,339 for Asians, $6,325 for Latinos, and $5,677 for African-Americans. In 1984, the wealth gap between white and black families sat around $85,000; however, that gap skyrocketed to $236,500 in 2009.
This massive gap among American skilled and unskilled workers demonstrates a rising trend: the outsourcing of unskilled labor to foreign states is slowly deteriorating the foundation of America’s middle class.
[Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.]
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