The excerpt below is from an article documenting the shrinking middle class, and the accumulation of wealth upward, ever upward. According to the authors, Of the 50 states, Vermont was, surprisingly to me, #2 for this phenomena.
“2. Vermont
> Middle income growth 2009-2013: -5.9%
> Fifth quintile income growth 2009-2013: 2.8%
> Fifth quintile share of income: 48.8%
> Middle class household income: $53,020 (20th highest)
Incomes among the wealthiest 20% of Vermont households grew by nearly 3% between 2009 and 2013, the sixth largest increase nationwide. Over the same period, incomes among middle class households fell by 5.9%, one of the larger declines. As in most of the nation, income in Vermont is becoming even more concentrated among the wealthiest 5% of households. These households accounted for 21.1% of all income in Vermont in 2013, up considerably from 2009. The state’s wealthiest 5% of households also accounted for the vast majority — nearly 90% — of income gains among the wealthiest 20% of households between 2009 and 2013. Despite the worsening income gap, Vermont had an exceptionally low unemployment rate, at just 4.4% in 2013, versus the national rate of 7.4%.”
Read more at: States Where the Middle Class Is Dying – 24/7 Wall St.
States Where the Middle Class Is Dying
Rolf
Donating
You’d think people with that much money would want to chip in and help buy a police and fire station to protect their wealth. : )
The middle class is a safety net for the rich. It’s a buffer from the gritty poor. Take away the middle class and it’s as if all the oil drained from the fancy car.