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The Middle Class Is Poorer Than It Has Been in 43 Years — Dollars and Sense

Man with no money
Comstock

The median net worth of working-class Americans is now lingering at a 43-year low of $57,000. According to New York University economics professor Edward N. Wolff, the American population is poorer and less stable than it was in 1969, with nearly 40 percent of all households having less than $10,000 in assets. This includes those households with what the financial world refers to as “negative assets”—or what the rest of us simply call debt.

So, what happened to all of the money? It was absorbed by the wealthiest 1 percent of American households, whose average wealth has increased by nearly 71 percent. Everyone else has grown poorer as a result, dragging down the median amount.

Unfortunately, this trend will not likely go away anytime in the near future. With the average CEO now making a staggering 380 times as much as his typical worker, those workers will be spending less and less, and requiring more and more from government social spending. If consumer spending, which accounts for about 70 percent of GDP, continues to slow, the economy may be in for some long-term trouble.

[Daily Finance]

Win McNamee, Getty Images
Win McNamee, Getty Images
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Governor Perry Is Sending Troops To The Texas-Mexico Border

Governor Rick Perry announced Monday he was sending a thousand troops to the border with Mexico to combat the border crisis, and said that process will happen over the next month.

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Malaysian Airlines Flight Reported Missing On Route To Beijing
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Malaysian Passenger Jet With 295 Onboard Crashes Near Ukraine-Russia Border [UPDATED]

A Malaysia Airlines jet carrying nearly 300 people crashed near the border between Russia and Ukraine, according to Reuters and Interfax. The airline company has confirmed that it has lost contact with the plane, a Boeing 777.

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Category: News, World News
Stuart Scott
ESPN, YouTube
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Watch Stuart Scott’s Heartbreaking Speech at the ESPYs [VIDEO]

Longtime ESPN personality Stuart Scott literally took center stage at Tuesday night's ESPY Awards when he accepted the Jimmy V Perseverance Award. And his speech did not disappoint.

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Category: News, Sports, Television Tags:
McAllen Police Dept
McAllen Police Dept
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Texas Judge Arrested for DWI

Late Saturday night, Nora Longoria, a justice with the 13th Court of Appeals in McAllen was arrested and charged with suspicion of DWI. 

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Category: Texas News Tags:
Christopher Furlong/Getty Images
Christopher Furlong/Getty Images
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Thousands Help Lone Survivor After Her Family Is Killed in Spring, TX

After her family was killed execution style last Wednesday near Houston, people are coming out in droves to help the 15-year old sole survivor.

Cassidy Stay's parents and four siblings were killed in the shootings at their home, but Cassidy survived after a bullet grazed her head and she played dead until the violence ended. Now almost $300,000 has been raised for her benefit, as she starts her new life without her family.

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Getty Images-Online USA
Getty Images-Online USA
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Lone Ranger Outfit Brings In Big Bucks at Texas Auction

The family of a late businessman and collector decided to put the original Lone Ranger outfit on the auction block, and it brought in $195,000 at the auction in Waco Saturday.

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Monkey Business
Monkey Business
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Three Weeks Left To Nominate a Lufkin Small Business Of The Year

Do you have a favorite ice cream shop, burger joint, lawn service or barber?  Tell everyone about them!

Now is the time to nominate your favorite Mom or Pop shop for Small Business of the Year with the Lufkin Chamber of Commerce.

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Category: East Texas News, News Tags: ,
David McNew/Getty Images
David McNew/Getty Images
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Game Wardens Have Been Targeting Lakes Looking for Drunk Boaters

If one of your favorite things to do during the summer is pack some frosty beverages on ice and head to the lake, be safe when you hop on the boat!

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Category: East Texas News, News Tags:
Texas Tech Cheerleader Hunter Kendall Jones
Facebook
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Facebook Deletes Hunting Pics Posted By Texas Tech Cheerleader

Pictures on Texas Tech Cheerleader Kendall Jones' Facebook page went viral recently, and now Facebook has deleted some of them.

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Deadly Mosquito
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There May Be A Reason Why Mosquitoes Target You And Not Others

If you feel like mosquitoes love you, there may be a scientific reason behind it.

And how can you encourage them to leave you alone?

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