HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D): The Poorer Middle Class. “Americans are poorer today than they were in 2007, when the Great Recession hit. The difference between now and then is massive. The median household saw almost 39 percent of its wealth evaporate, and real income (that is, the amount adjusted for inflation) fell 7.7 percent. Only the old and the bottom 20 percent on the income ladder escaped the wealth destruction and income loss. . . . To the delight of the class warriors, the rich saw the biggest decline in income, with a mean drop of 16.2 percent. The bottom of the ladder saw its income increase slightly, by $500. In other words, Americans saw the leftists’ goal of reducing income inequality come true by making 80 percent of the population poorer.”
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