The American middle class has absorbed a steep increase in the cost of health care and other necessities as incomes have stagnated over the past half decade, a squeeze that has forced families to cut back spending on everything from clothing to restaurants.
Health-care spending by middle-income Americans rose 24% between 2007 and 2013, driven by an even larger rise in the cost of buying health insurance...
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Sure, we all know this from personal experience. Do you know who doesn't "know" this? The psychopaths who calculate disposable income. That's right. Personal Disposable Income is calculated before subtracting out insurance.
Lately I keep hearing that to save the middle income we need to raise the minimum wage. Now minimum wage worker is middle income? This sucker is going down.
ReplyDeleteI am preparing a post on the local minimum wage consequences. Good call LBD.
ReplyDelete