What Happened to Middle Class America? – The Business of Life (Episode 7)


25 thoughts on “What Happened to Middle Class America? – The Business of Life (Episode 7)

  1. On this episode of the Business of Life, we get to the bottom of just what
    the “middle class” is: how to get in, how to stay in, and why so many
    Americans are falling out.

    Watch “Why is College So Expensive? (Episode 6)” – http://bit.ly/1gEn2ZS

  2. This just shows no one gives a shit about the LOWER CLASS which is
    obviously growing. People are worried that more and more white family are
    falling into poverty. However no one cares that POC have been living in
    poverty since the start of this country.

  3. Actually, you’re referring to the lower class being in decline in America.

    There IS NO MIDDLE CLASS left in america. Go back to Detroit in the 1950s
    and you’ll see what middle class actually means.

    Young men could buy a house and brand new car as soon as they left school.
    One man could support a large family. Women were not forced into work.

  4. That middle guy seemed legitimately mentally unstable, completely shattered
    the flow between the two more informed panelists.

    Still like this show but next time don’t stress having 3 talking heads next
    time, just having a pair and the moderator lean in a bit more would be much
    more informative.

  5. Basically you need to get jobs back. Americans were tricked into thinking
    that WTO/NAFTA was good for Americans. All they did was export all the jobs
    to China, India and the like, leaving lots of people underemployed. Massive
    wealth transfers happened to these Countries and Corporates, who managed
    these moves. Top executives colluded for their short sighted “bonuses”.
    Gainfully employed people earn money, build wealth, pay taxes and have a
    healthy economy.

  6. Question to the Canadian, as I am one. How is that possible for your
    parents to only earn $20,000 between two parents? Isn’t that illegal?
    what did they do for work. When was this?

  7. High tariffs need to exist. It may hurt the economy in the short term but
    long term it will force manufacturers to return to America and stop using
    China.

  8. Charlie LeDuff is such a little manbaby. I get that he’s super passionate
    about this, but he’s arguing facts with sentimentality. The US free market
    is harsh, and Detroit got out competed by unionized parts of our market.
    Right to work states aren’t popular with corporations that prefer unions
    (especially like Asian and German car manufactures). Is it any real
    surprise Michigan doesn’t attract those businesses? No.

    Throwing a temper tantrum because you don’t like hard facts isn’t being
    passionate, however. It’s being unprofessional. How embarrassing. 

  9. A big thing that people don’t understand is that tax revenue comes mostly
    from GDP. When we cut taxes, yes, there will be some lost revenue, but tax
    cuts allow us to spend more, and boost our GDP. What ends up happening is
    that all lost revenue from tax cuts gets made back with even more because
    of the increase in GDP. In 2007, the U.S.A had one of the highest tax
    revenues ever, and it happened under some of the lowest tax rates under
    Bush. This is why we need tax cuts. Not just for the rich, but for
    everyone.

    When taxes are raised, we slow the economy which is not good at all. This
    leads to people being out of work and more money being pushed into
    entitlement to help folks out. I’m not saying some entitlement is bad, but
    it dwarfs the economy even more, which leads to more money being needed for
    entitlement. It is an endless cycle.

    We are a country that spends soooo much, and we need to continue spending
    that much. The only reason we haven’t had a currency crisis from being in
    so much debt as a country is because our yearly debt to gdp ratio is pretty
    good.

    The problem will be when our debt is for too much entitlement, because
    entitlement does not produce a higher gdp. When this happens, we will have
    to start putting our printed money into the economy to pay off debt and
    that will start to cause inflation which is no good for anyone.

    don’t even get me started on how artificially lowering the cost of loans
    for tuition has inflated actual costs of tuition in our country. We have an
    education bubble… When 23% or so of students default on their student
    debt, we are going to have an even bigger economic slowdown which could
    cause a recession; the only thing keeping us out of one is our constant
    extreme spending.

    This kind of drifted away from taxes into other issues, but I guess my
    point is that these issues are incredibly complex and we have to stop this
    mentality that we can vote for entitlement/money by choosing a certain
    party and that that will solve our issues.

  10. Not one person brings up the fact that the buying power of the dollar has
    continued to decrease since the creation of the federal reserve. A system
    that continues to devalue the middle class through debt and the false
    creation of currency through fractional banking. In fact new currency
    cannot even be created without first creating debt.

  11. The auto industry didn’t virtually fail because of high employee wages, but
    because they built, and still build, shitty cars (though that’s changing),
    and that gave imports a huge boost. Consumers tend not to take risks, and
    developed brand loyalty for foreign car makers. American big auto fucked
    themselves.

  12. Vice news asks: What happened to middle class America? Why not start off by
    asking your sponsor, Bank of America

  13. Our generation does not even know what the middle class is. My mom’s
    generation worked at GM / Ford for 75 – 100k a year. 95% of those jobs are
    gone.

    Our trade agreements are not fair. Why can China sell everything to us be
    make it very difficult for us to export product to their billion people
    consumer population?

    I’m all for working with China but as of now the trade agreement is not
    fair and it’s finally at a point where everyone is starting to notice which
    would be the middle class.

    Honestly I don’t see how this is going to get better in this global
    environment unless everyone works together for fair market trade
    agreements.

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