The plans President Obama had for the middle class over his two terms seem to be falling short of his dreams. The United States may be at an all time high in economic output (15.8 trillion dollars) but this money is not benefiting the workers. Instead corporation profit is steadily increasing while worker profit is on the decline. The majority of income gains were captured by America's richest 1% of families (95%). On the opposite side of the spectrum the people of the 99% are really struggling. Unemployment is at 6.7%. This can be attributed to the 8.7 million jobs the United States has lost throughout the recession. It is estimated that 7.9 million jobs are needed in order to return to pre recession conditions. These jobs are crucial because they would help better the 46.5 million Americans currently living in poverty. This number represents 15% of US population.
The recession has hit the United States very hard and has put a hold on the things President Obama wanted to accomplish. The main thing he can do is keep pushing for new job development and the increase in the accessibility of education. I think these things will help to lower some of the high percentages.
http://money.cnn.com/2014/01/24/news/economy/middle-class-economy/
I think that the most disappointing aspect of this story is the fact that while the American middle class continues to disappear, large firms as well as the one percent continue to see record profits. I dont think that the reallocation of wealth is the way to go, but something has to change.
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