According to an Associated Press analysis of government data, the employment rates between America’s highest- and lowest-income families has reached a record level. 21% of the American people are earning less than $20,000. The rate is almost equal to the rate for all workers during the 1930s Great Depression.
The poor and middle classes are getting poorer because of a domino effect caused by unemployment. The higher unemployment rate has created what economists call “bumping down.” The competition for jobs is so fierce that employers can pick and choose more highly educated middle class Americans to fill low skill jobs. Low-wage workers are now older and better educated than ever, with especially large jumps in those with at least some college-level training. These better educated workers have pushed low income workers out of many jobs besides depressing wages. As a result, 15% of Americans are at the poverty level which is a record.
Contributing to the dire work situation is ObamaCare. 7 out of 8 new jobs are part-time positions due to healthcare costs. Companies are starting to cut costs by limiting employee hours, reducing staffs and eliminating spouses from health insurance policies. Companies are finding that the Affordable Care Act is not very affordable.
The Associated Press statistics clearly demonstrate Americans are becoming poorer. For instance, the number of households making less than $20,000 a year has jumped to 40%. Those making between $20,000-to-$39,999 is just over 21% while 15% make $40,000 to $59,999. As the wages get higher, the unemployment rate drops to 7.2% of those in households earning more than $150,000.
Yet despite these deplorable statistics, Obama and the Democrats refuse to change their policies. The nation continues with near stagnation economic growth, the worst unemployment rate since the Great Depression, a horrendous $17 trillion dollar debt and outrageous spending. As the nation sinks into the abyss, liberals, Democrats and Obama continue with the charade that there is economic improvement. You have to ask “Compared to what?”