The Middle Class Is Steadily Eroding. Just Ask the Business World. – The New York Times

The post-recession reality is that the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls even further away.

In 2012, the top 5 percent of earners were responsible for 38 percent of domestic consumption, up from 28 percent in 1995, the researchers found.

Since 2009, the year the recession ended, inflation-adjusted spending by this top echelon has risen 17 percent, compared with just 1 percent among the bottom 95 percent.

Source: The Middle Class Is Steadily Eroding. Just Ask the Business World. – The New York Times

The Story of Globalization in 1 Graph – The Atlantic

A crystal-clear picture of the world’s winners and losers in the last generation

Source: Milanovic, B., Lead Economist, World Bank Research Department, Global income inequality by the numbers. Annotations by James Plunkett.

Source: The Story of Globalization in 1 Graph – The Atlantic

 

Sometimes a graphic inspires us not by its creative animations or mesmerizing interactive elements, but by how much it can explain with how little. That’s why we like this chart from Branko Milanovic, lead economist at the World Bank’s research department (as annotated by James Plunkett, policy director at U.K. think tank Resolution Foundation). Milanovic likes to call it, “How the world changed between the fall of the Berlin wall and the fall of Wall Street.”

Source: Chart of the Week: How two decades of globalization have changed the world | Pew Research Center

 

RE: https://twitter.com/jamestplunkett/status/425909152217444352/photo/1

Spain faces staggering losses as it accepts the reality of the housing bust — Quartz

Sales of repossessed properties were on average done at prices 71.5% lower than where the houses were originally valued. That means the average price for a house that was originally sold for €100,000 in say, 2006, repossessed and then sold during the first half of 2013, would have brought a price of €28,500.

Source: Spain faces staggering losses as it accepts the reality of the housing bust — Quartz

What is the Middle Class?

Factory workers assembling the Moto X will make as little as $9-an-hour, if the help wanted ads are to be believed.

Source: Motorola’s New Smartphone: Made in the U.S.A., but Not for Much Pay – The Atlantic

 

Is $17/hour a “middle-class” wage? What range *is* a “middle class” wage?

 

Plenty of smart people have taken a stab at that question. In the past few years, the “middle class” income range has been described as between $32,900 and $64,000 a year (a Pew Charitable Trusts study), between $50,800 and $122,000 (a U.S. Department of Commerce study), and between $20,600 and $102,000 (the U.S. Census Bureau’s middle 60% of incomes).

Psychologist Ken Eisold, a contributor to Psychology Today, said, though, that the way people describe their social status has more to do with what’s going on in their heads than their wallets.

Source: Middle class a matter of income, attitude | USA Today

 

In many American communities, families working in low-wage jobs make insufficient income to live locally given the local cost of living.

Recently, in a number of high-cost communities, community organizers and citizens have successfully argued that the prevailing wage offered by the public sector and key businesses should reflect a wage rate required to meet minimum standards of living.

Therefore we have developed a living wage calculator to estimate the cost of living in your community or region. The calculator lists typical expenses, the living wage and typical wages for the selected location.

Source: Living Wage Calculator

Now That It’s in the Broadband Game, Google Flip-Flops on Network Neutrality | WIRED

In a dramatic about-face on a key internet issue yesterday, Google told the FCC that the network neutrality rules Google once championed don’t give citizens the right to run servers on their home broadband connections, and that the Google Fiber network is perfectly within its rights to prohibit customers from attaching the legal devices of their choice to its network.

the door is open for the FCC to show that it’s serious enough about the principle to take on its former corporate ally

Source: Now That It’s in the Broadband Game, Google Flip-Flops on Network Neutrality | WIRED