Virus Rips Into Middle-Class America, Where Finances Are Fragile

[Yo_Mama_Been_Loggin]

The coronavirus is set to overwhelm the precarious finances of America’s middle class, a group that’s seen its share of the national wealth decline steadily since the last financial crisis in 2008.

Economic activity has collapsed in the past few weeks as Americans stop traveling and shopping, business revenues plummet and millions are thrown out of work. The country’s middle-income group is likely ill-prepared for such a shock, according to the latest update of household-finance data from the Federal Reserve.

The following six charts examine the balance-sheet of the middle class, defined here as Americans except the richest 20% and the poorest 20%. Viewed another way, that corresponds to families with incomes between roughly $25,000 and $110,000 a year.

Squeezed Middle



The cohort’s share of the U.S. national wealth has been reduced to the smallest since the Fed began keeping these kind of records in 1989 -- dropping below 25% at the end of 2019.

-more-

https://www.msn.com/en-us/money/markets/virus-rips-into-middle-class-america-where-finances-are-fragile/ar-BB124zFj?li=BBnbfcN

[Newest Reality]

1. I notice how...

I notice how that illustrates the really booming economy that has been going along so fine and improving, (if you are in the blue).

It almost feels like we in the orange and then the white are being LEANED on by a huge weight overhead, pushing our heads down, down, down to the ground. Our backs breaking as we try to stay afloat, but the boat has dozens of lead weights pulling it down.

Well, I already knew this, but, WOW what a boom for some people.

And now...this.

[SWBTATTReg]

2. And the sad thing is that middle America does not receive much in aid...most of the aid goes to...

either the top tiers of American earners (the 1%ers, who doesn't it) and the bottom tier, who needs even more than what scraps are being thrown their way. I noticed that the republican scumbags in the 2 trillion dollar rescue package, routed 1.5 $trillion worth to the 1%ers and business owners, while the rest of us gets, quite literally, the scraps.

It should the other way around. Our economy is 60% consumer driven, that is, we drive the economy, not the owners. They forgot so quickly during the last recession in 2008, they were begging Americans to spend money.

I suspect that it's going to happen again, that rump and others like him are going to beg us to start spending. Hypocrites.

Americans are hoarding their cash, for the uncertain future, being that rump certainly isn't reassuring us by any shape or form, so I don't blame us/Americans, for hoarding our cash. We really don't know 100% what is to come, and thus, this uncertainty is causing Americans to be careful in their spending, and rump isn't helping either.

[Wellstone ruled]

3. Call it what it is,

a fact based graphic as to wealth transfer since 1976.

[crickets]

4. K&R for visibility.