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It's Official: Gov Stats Shows the Middle Class is Dead

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Healthcare:   The $6,600, we don't have, question.

Our Average American Family spent only $3,126 on dental and medical care.  How they heck did they do that when we know healthcare insurance alone for our family of 2.5 should be at least $800 per month, $9,600 per year?  What explains this?  Either the family's workers were getting employer paid health insurance or they went without health insurance or some combination of the two.

In 2014, under Obamacare, everyone must be insured and they must purchase coverage if they can get it no other way.

This will leave many American families in a bind to the tune of at least $6,600 in insurance cost.  Employer paid medical insurance coverage has been on the decline both in availability and cash benefit for years.

There are currently 55 million uninsured and counting.  In 2014, this number should drop to near zero.  After that, keep an eye on that bankruptcy number.

Taxes:   30% of gross earnings.

Everyone is taxed differently depending on how they spend, what they own, and how they made their money.  But if you're about in the middle, earning $48,500 a year on a job, you can make a safe bet that 30% of your earnings, $14,550, will go back to various government authorities.

This includes Social Security payroll tax, state and federal income tax, state and local sales tax and the hidden taxes like those on gasoline, which average 47.5 cents per gallon, and tobacco, approximately 48.5 cents per pack.  It does not count any other hidden taxes, like that on alcohol, municipal fees, or property taxes on rentals.  The 30% overall tax rate was based on an the average hefty tax credit of approximately $24,000 for federal income tax.

Education:   Skipping school.

The spending line says it all: $950 for the year.  This is easy.  You know what this is.  It's the little bit of extra money it takes to send a kid to public school.

Our average American family is not spending their money on night courses toward job training, or a degree at the University of Chicago, or DeVry for that matter, not unless they are taking on significant student loan debt.

Charity:    The average American family cares.

All things considered our average American family is quite generous giving some $1,800 in cold hard cash to charities last year, about 3.5% of their take home earnings.

Retirement:   An entitlement? Really?

Social Security is how average America saves for retirement.  This fictional family socked away nearly $5,000 into the program last year.  Do that for 40 years of work and it's $200,000; add amortization at just 5% annum and that's $475,127.  No, it's not an entitlement; you've paid-in with real money. 

We also included Social Security as part of taxes the average family pays.  Which is it?  I guess that depends on if the system continues or is dismantled.  How much have you contributed so far?

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Chaz Valenza is writer and small business owner in New Jersey. He earned his MBA from New York University's Stern School of Business. His current feature film project is "Single Point Failure" an insider's account of how the Reagan Administration (more...)
 

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I used the "C" word in this piece only because the... by Chaz Valenza on Sunday, Jan 1, 2012 at 4:41:38 PM
What's your guess?  I've been thinking about ... by Chaz Valenza on Sunday, Jan 1, 2012 at 4:59:47 PM
   That sounds about right. I'm working ... by Bob Gormley on Sunday, Jan 1, 2012 at 6:49:29 PM
I believe that the real world inflation recently d... by BFalcon on Tuesday, Jan 3, 2012 at 4:58:28 AM
And we're supposed to vote Republican ? NOT... by Chef Boy RV on Monday, Jan 2, 2012 at 12:13:43 PM
I prefer to reference us as the former m... by jtenn on Monday, Jan 2, 2012 at 12:56:35 PM
The following post includes adapted excer... by Richard Clark on Monday, Jan 2, 2012 at 12:15:46 PM
   Medical costs make it just about impo... by Bob Gormley on Monday, Jan 2, 2012 at 1:10:42 PM
How much do you pay for these?... by BFalcon on Tuesday, Jan 3, 2012 at 4:48:53 AM
Foot doctor, family doctor, Joslin clinic for eyes... by Bob Gormley on Tuesday, Jan 3, 2012 at 6:31:03 AM
The top 0.01% of earners make at least $9.14 milli... by Lance Ciepiela on Monday, Jan 2, 2012 at 12:45:46 PM
see subject... by Bob Gormley on Monday, Jan 2, 2012 at 1:12:02 PM
The salaries you note here would be typical salari... by Gary Root on Tuesday, Jan 3, 2012 at 1:45:08 AM
... the great unspeakable in regard to capitalism ... by Jill Herendeen on Tuesday, Jan 3, 2012 at 7:24:03 AM
Ron Paul may not be the perfect progressive BUT he... by Jill Herendeen on Tuesday, Jan 3, 2012 at 7:14:12 AM
Romney and Obama have the most corporate support. ... by Michael Shaw on Tuesday, Jan 3, 2012 at 1:15:57 PM
most votes; their guy in the back room will fix it... by Jill Herendeen on Wednesday, Jan 4, 2012 at 9:55:44 PM
it's only downhill from here!... by Michael Shaw on Monday, Jan 2, 2012 at 3:19:17 PM
"The fourteen hundred dollar number must include e... by Rixar13 on Monday, Jan 2, 2012 at 6:17:30 PM
"The fourteen hundred dollar number must include e... by Rixar13 on Monday, Jan 2, 2012 at 6:17:55 PM
Historically, when the richest gained too much pow... by DH Fabian on Tuesday, Jan 3, 2012 at 7:29:13 AM
...when all the money goes to the top, the last pl... by Chaz Valenza on Tuesday, Jan 3, 2012 at 8:28:23 AM
imposed by the much above middle class on Wall Str... by John Sanchez Jr. on Tuesday, Jan 3, 2012 at 9:41:17 AM
Thanks for writing this, I really appreciate the i... by Jackie Feazell on Tuesday, Jan 3, 2012 at 8:12:15 PM
Tht would be nice. (Yes, I see it.)  I work a... by Chaz Valenza on Tuesday, Jan 3, 2012 at 8:47:00 PM
Even though a debt crisis is gripping the ... by Richard Clark on Wednesday, Jan 4, 2012 at 9:15:13 PM
My husband and I were middle class, we live in pov... by Paula Landua on Sunday, Jan 15, 2012 at 4:29:35 PM