There has been a collapse.
It has just happened so slowly, so incrementally that most people remain trapped in the mainstream two-party political system. The welfare state hides the breadlines and numbs the pain of the economic downslide into Third World status.
Note: Fortunately, Mitt Romney has a plan that will reverse our decline after he gets elected in November. More free trade, more deregulation of Wall Street, and tax cuts for the wealthy!
“The typical US household saw its income fall last year to 1989 levels.
That news, contained in a US Census Bureau survey released Wednesday, points to difficult questions of how the US can get back on a track of job growth and rising prosperity.
Median incomes fell 1.5 percent in 2011, while the official poverty rate remained essentially unchanged at 15 percent.
A family right in the middle of the income spectrum had an income of $50,054, which is actually lower than the 1989 median level of $50,624 expressed in 2011 dollars. The implication: For much of America the economy has produced not just one lost decade but two. Stagnation has even hit wealthier and more educated households (the 95th percentile in the Census data) for the past decade.”
Note According to The Washington Post, the middle class has shrunk to an all-time low.