Who Killed The Working Class

5 Pages 1133 Words

The middle class was killed by corporations looking for large profits and the increased quest by individuals to become richer. This is evident in the video “Running with the Bulls,” as well as in the article entitled “Who Killed the Middle Class.” “The Economic Report of the President” shows that companies push down the wages of unskilled workers. Finally, the census report for the last fifty years also supports this idea.
In the article “Who Killed the Middle Class,” there are two diagrams that deal with economic growth. These diagrams compare the growth from 1947-1973 with the growth from 1973-1993. These diagrams help illustrate that the rich are getting richer while the poor are getting poorer.
The first graph, entitled “The Picket Fence and the Staircase,” depicts real income rates for five levels of income and two time periods. From 1947-1973 each of the five income classes made great climbs in incomes. Each of these groups enjoyed an increase of about 2.5%. But for the years 1973-1993, there was a dramatic turn-around. The lowest income group lost .78% in growth of their income. This means that they were actually making less as the years went on. In contrast, the highest income group enjoyed a growth rate of about 1.13%. This emphasizes the idea that the rich are getting richer while the poor are getting poorer.
The second diagram, entitled “Annual Income Growth,” gives real numbers for the picket fence diagram. These numbers further emphasize the large gains made by the already rich as well as the loss in economic growth that the lower income people suffered.
The census bureau’s report, “Measuring Fifty Years of Economic Change,” contains a graph (attached to report) entitled “The Average Income-To-Poverty Ration for Families by Fifths Is Another Measure of Income Inequality.” This graph relates incomes to the poverty line. Since 1967, the highest income class has increased...