The Govt is broke, the citizens are breaking and the debt keeps rising:
Around 100,000 Americans make 1,000,000.00+ every year. (or 0.033% of total US population)
The “raw” average wage, computed as net compensation divided by the number of wage earners, is $6,238,607,249,941.26 divided by 151,380,749, or $41,211.36. Based on data in the table below, about 66.6 percent of wage earners had net compensation less than or equal to the $41,211.36 raw average wage. By definition, 50 percent of wage earners had net compensation less than or equal to the median wage, which is estimated to be $26,965.43 for 2011.
Read it here;
“More than half of America’s recent college graduates are either unemployed or working in a job that doesn’t require a bachelor’s degree, the Associated Press reported this weekend. The story would seem to be more evidence that, regardless of your education, the wake of the Great Recession has been a terrible time to be young and hunting for work.
But are we really becoming another Greece or Spain, a wasteland of opportunity for anybody under the age of 25? Not quite. What the new statistics really tell us about is the changing nature, and value, of higher education.
First, here’s the nut of the AP’s findings, which it derived with the help of researchers from Northeastern University, Drexel University, and the Economic Policy Institute, based on data from the Census Bureau’s Current Population Survey and the U.S. Department of Labor:
About 1.5 million, or 53.6 percent, of bachelor’s degree-holders under the age of 25 last year were jobless or underemployed, the highest share in at least 11 years. In 2000, the share was at a low of 41 percent, before the dot-com bust erased job gains for college graduates in the telecommunications and IT fields.
Out of the 1.5 million who languished in the job market, about half were underemployed, an increase from the previous year.”
Now couple that with the cost of a college education for four years alone. A lot of students don’t graduate in four years by the way…
What are the trends in the cost of college education?
For the 2010–11 academic year, annual current dollar prices for undergraduate tuition, room, and board were estimated to be $13,600 at public institutions, $36,300 at private not-for-profit institutions, and $23,500 at private for-profit institutions. Between 2000–01 and 2010–11, prices for undergraduate tuition, room, and board at public institutions rose 42 percent, and prices at private not-for-profit institutions rose 31 percent, after adjustment for inflation. The inflation-adjusted price for undergraduate tuition, room, and board at private for-profit institutions was 5 percent higher in 2010–11 than in 2000–01.
SOURCE:U.S. Department of Education, National Center for Education Statistics. (2012). Digest of Education Statistics, 2011 (NCES 2012-001), Chapter 3 . ”
So the cheapest tuition and room and board would cost you $54,400. Then you’d have a 50/50 shot of a job coming out. Many are underemployed. That usually means they’re working part-time in a bar or restaurant making minimum wage and hoping for tips.
It’s a national scandal.
“8.5 Million Americans Left Labor Force In Obama’s First Term”
“Number of Americans on Food Stamps Hit Another Record High
It doesn’t look like President Obama will be able to shed his reputation as the food stamp president any time soon. According to new data from the USDA, the number of people on food stamps has hit another all time high of 47,710,324 which is up by 600,000 from August. To be fair, this number is a bit distorted due to disaster relief from Hurricane Sandy.”
$30,000 sounds like a tons of money now, doesn’t it?
Wait until they pay for Obamacare.
“There are now 1,020,000 millionaires in China–a national record–and 63,500 “super-rich” Chinese.
To be classified as a millionaire, the report stated the individual must possess more than RMB 10-million, or US$1.6-million, while a “super-rich” individual required RMB 100-million (US$16-million) or more.”