Last week on the day before Thanksgiving ZeroHedge shared a piece with some useful numbers: The Bottom 80% Is Significantly Poorer Since The Pandemic, And This Is Creating A 'Robin Hood Mentality' All Over America, November 22, 2023.
The Bottom 80% Is Significantly Poorer Since The Pandemic, And This Is Creating A 'Robin Hood Mentality' All Over America https://t.co/keRb1EoclE— zerohedge (@zerohedge) November 22, 2023
This is a more vivid presentation of an essay bearing the same title by Michael Snyder at The Economic Collapse blog.
This notes that:
…a brand new study from the Federal Reserve has discovered that…As of June, the bottom 80% of households by income, when adjusted for inflation, had lower bank deposits and other liquid assets compared to their status in March 2020. The decline marks a significant shift from the initial phases of the pandemic.
In other words, the vast majority of all Americans have been getting poorer.
The wealthiest one-fifth of households still have cash savings approximately 8% above their pre-COVID levels.
Right now, the gap between the wealthy and the rest of us is the greatest that it has ever been in the entire history of our nation.
According to a different report that was just put out by the Labor Department, average hourly earnings are lower today than they were when Joe Biden first entered the White House…
Millions of Americans have received a pay cut over the past two years thanks to high inflation…
The Labor Department reported Tuesday that average hourly earnings for all employees was $11.05 in October—a 3.32% decline from the $11.43 figure in January 2021.
No explanation is offered, so I will supply.
Things are very different for the Peasantry.
On coming into office, Biden stopped enforcing the immigration regulations. As Federale just noted in POLITIFACT Gen Z Moppets Putterman And Graus Claim DeSantis Wrong On Border Numbers. But He Was Right, the number taking advantage of this is likely to be now approaching NINE MILLION.
the presence of so many non-English-speaking consumers of social services, including education. And of course it will depress the wages of all unskilled and manual workers in the area.
It also bids up the housing market.
Treason Lobby “Economists” have tried hard to deny supply and demand when it comes to immigration. But the Trump administration supplied a control experiment: Immigration Drives Down Wages, Enforcement Brings Them Back Up.
You might wonder why, having engineered this disaster, the Democrats are not freaking out about the 2024 election.
It is because they fully intend to steal it.