Middle class annihilation one penny at a time – 64 percent of Americans do not have adequate savings for an unexpected $1,000 expense.

The American middle class is furious and this is reflected in how people perceive their failed government but also a financial system that has largely profited from the failures of millions.  A recent Gallup poll shows that only 13 percent of Americans actually approve of Congress and the way they are handling their job.  This is a record low.  Of course the financial system for banks to big to fail is doing just fine thanks to years of accommodative policy, taxpayer bailouts, and politicians that basically collect payroll checks from the HR department of these large financial institutions.  As we have noted and the media fails to report, the average per capita income in the United States is $25,000.  What is even more disturbing is that a recent poll found that 64 percent of Americans would not be able to shoulder even an unexpected expense of $1,000.  If a transmission on a car goes down or additional medical expenses hit, it will cost well over $1,000.  This is simply another reflection of how the crushing collapse of the middle class will not be televised. 

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