America'a Middle Class ranks #27 in world

[ErikJ]

WEDNESDAY, JUN 19, 2013 08:23 AM PDT
American middle-class prosperity is pure fantasy
New research reveals that the US ranks 27th in the world when it comes to middle-class wealth

..............................

Why?

Here’s a starter list:

-- We don’t have real universal healthcare. We pay more and still have poorer health outcomes than all other industrialized countries. Should a serious illness strike, we also can become impoverished.

----Weak labor laws undermine unions and give large corporations more power to keep wages and benefits down. Unions now represent less than 7 percent of all private sector workers, the lowest ever recorded.

-----Our minimum wage is pathetic, especially in comparison to other developed nations. (We’re # 13.) Nobody can live decently on $7.25 an hour. Our poverty-level minimum wage puts downward pressure on the wages of all working people. And while we secure important victories for a few unpaid sick days, most other developed nations provide a month of guaranteed paid vacations as well as many paid sick days.

-----Wall Street is out of control. Once deregulation started 30 years ago, money has gushed to the top as Wall Street was free to find more and more unethical ways to fleece us.

-----Higher education puts our kids into debt................

----Our tax structures favor the rich and their corporations that no longer pay their fair share. They move money to foreign tax havens, they create and use tax loopholes, and they fight to make sure the source of most of their wealth—capital gains—is taxed at low rates. Meanwhile the rest of us are pressed to make up the difference or suffer deteriorating public services.

.................................clip

http://www.salon.com/2013/06/19/american_middle_class_prosperity_is_pure_fantasy_partner/singleton/print/

[quinnox]

1. But, we have the biggest and baddest military, and can kick ass!

So there!

USA USA USA

[corkhead]

2. and the best medicine money can buy, by golly.

[Politicalboi]

3. Yeah!

Let's bomb Salon for their facts. USA! USA! USA! We are number ONE!

[quinnox]

4. "Let's bomb Salon"

[geek tragedy]

5. Really questionable ranking system/metrics in my opinion.

Italy at #4, Spain at #20, Germany at #23 (barely above the US).

I don't think Germans envy the wealth and prosperity of the Spanish these days . . .

[LVZ]

6. ... a better chart image?

I have seen other (better quality) charts that show the USA at #18. I did not find the Credit Suisse chart. Is there a better chart source for this article?

[LVZ]

7. ... more detail - USA "mean wealth" is 5X "median wealth"

2011 Credit Suisse statistics

https://infocus.credit-suisse.com/data/_product_documents/_shop/323525/2011_global_wealth_report.pdf

Australia
Population 22 million
Adult population 16 million
GDP 86,291 USD per adult
Mean wealth 396,745 USD per adult
Median wealth 221,704 USD per adult
mean/median=1.8

Canada
Population 34 million
Adult population 26 million
GDP 64,960 USD per adult
Mean wealth 245,455 USD per adult
Median wealth 89,014 USD per adult
mean/median=2.8

USA
Population 321 million
Adult population 234 million
GDP 66,756 USD per adult
Mean wealth 248,395 USD per adult
Median wealth 52,752 USD per adult
mean/median=[font color=red]4.7[/font]

Japan
Population 127 million
Adult population 104 million
GDP 55,533 USD per adult
Mean wealth 248,770 USD per adult
Median wealth 128,688 USD per adult
mean/median=1.9

France
Population 63 million
Adult population 48 million
GDP 57,419 USD per adult
Mean wealth 293,685 USD per adult
Median wealth 90,271 USD per adult
mean/median=3.3

United Kingdom
Population 62 million
Adult population 48 million
GDP 51,655 USD per adult
Mean wealth 257,881 USD per adult
Median wealth 121,852 USD per adult
mean/median=2.1

Switzerland
Population 8 million
Adult population 6 million
GDP 95,958 USD per adult
Mean wealth 540,010 USD per adult
Median wealth 100,901 USD per adult
mean/median=[font color=red]5.4[/font]

Singapore
Population 5 million
Adult population 4 million
GDP 62,317 USD per adult
Mean wealth 284,692 USD per adult
Median wealth 101,033 USD per adult
mean/median=2.8