US standard of living steepest drop since at least 1960. Incomes, home values, savings down, prices, inflation up

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10/19/11, "A Long, Steep Drop for Americans' Standard of Living," Christian Science Monitor, Scherer, via CNBC

"The diminished standard of living, moreover, is squeezing the middle class, whose restlessness and discontent are evident in grass-roots movements such as the tea party and "Occupy Wall Street" and who may take out their frustrations on incumbent politicians in next year's election....

What has led to the most dramatic drop in the US standard of living since at least 1960? One factor is stagnant incomes:

• Real median income is down 9.8 percent

since the start of the recession through this June, according to Sentier Research in Annapolis, Md., citing census bureau data. Another is

• falling net worth –

think about the value of your home and, if you have one, your retirement portfolio. A third is

• rising consumer prices,

with inflation eroding people's buying power

• by 3.25 percent since mid-2008."...

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Avlon, the radical left's Kim Kardashian (being everywhere for no reason), will assert nothing is wrong with the economy except conniving consumers and greedy businesses just sitting on the money. That they're just afraid or want Obama to fail. Avlon couldn't be Kim Kardashian without pal Batchelor giving him the platform and being on the same gravy train. ed.


via Drudge