Middle-class Americans see their incomes drop
(CBS News) ARLINGTON, Texas - In the presidential campaign, both candidates have made the election all about the middle class.
A report out Wednesday from the Pew Research Center shows us why so many members of that class are frustrated -- their net worth has dropped dramatically since the Great Recession. About 85 percent say it is more difficult than it was a decade ago to make ends meet.
The study of middle-class Americans, like New Jersey garage owner John O'Connor, looked at households with incomes ranging from $39,000 to $118,000.
New Jersey garage owner John O'Connor said the American dream is still intact, but the road to getting has gotten bumpier.
"We don't dine out." he said. "We don't go to the movies the way we used to. Like everybody, I think we've become more frugal," said O'Connor.
Between 2000 and 2010, median middle-class wealth dropped 28 percent from about $130,000 to $93,000. Lower real estate values played a big part. About 42 percent said their financial situation is worse now than before the Great Recession.
"This is the first decade in the post-World War II era where the middle class -- indeed all families -- have actually less income at the end of the decade than they had at the beginning of the decade," said Paul Taylor, who co-authored the report.
The study also found the percentage of Americans in the middle class fell from 61 percent in 1971, to 51 percent now.
Of course they avoided showing the steep decline over the last 4 years while Obama has been steering the ship into the rocks.
While Obama, the lick-spittle liberal media and the democrats have been distracting people with Sandra Fluke, Romney's taxes, Chick-fil-a and Rep Akins idiotic statements the public at large has been losing financial ground and the security they once had.
We're all being cheated by the lapdog media and their democrat handlers, just out of earshot Romney/Ryan say they have solutions to the decline of Americas middle class. Yet we can't hear them over the constant shrill outrage of the liberal progressives about every distraction they can manufacture.
Simply because they have no plans...no solutions...nothing but their record for the last 4 years and they sure don't want to talk about that.