A two-income family today is poorer than a one-income family was in the 1970s
“On several occasions, I have glibly referred to how it now takes two spouses working to equal the wages of a one-income family of 40 years ago. Unfortunately, that is now an understatement. In fact, Western wages have plummeted so low that a two-income family is now (on average) 15% poorer than a one-income family of 40 years ago.” — Jim Nielson | The Street
This death of the American middle class can be blamed on the Republican Party’s decades-long union busting efforts combined with men like Mitt Romney who run companies like Bain Capital for the purpose of creating wealth for the few, by laying off hundreds of thousands of American workers, who once earned living wages and benefits, who once shared in a company’s productivity and success. For decades now vulture capitalists have downsized and closed American companies, offering only low-wage replacement jobs to some of the workers they laid off, while outsourcing most of the formerly American jobs to countries like China and India. And we can also blame a tax code, won by a lobby of the wealthiest among us, that rewards corporations with deductions and loopholes and subsidies for taking American jobs to other countries, enriching a few while cratering our economy at home.
And the Republican Party tells us the One Percenters need more tax cuts (i.e. they need to hoard even more money?) to ‘create’ a few more jobs — tax cuts that would be paid for, by the way, by cutting programs and services that the rest of us depend on. It’s almost comical when you consider this fact: the average Fortune 500 CEO now makes 380 times more than the average worker, CEO pay has grown more than 127 times faster than worker pay over the last 30 years, and their pay increased last year.
More, to these people, is never enough.