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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.

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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.

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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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