The Center for Labor Market Studies of Northeastern University in Boston has released a study
breaking unemployment statistics across the income spectrum. The result? Those at the top are pretty much fully employed. But the further down you go, the higher the concentration of unemployment.
The chart below summarizes their findings:
|Income range||% Unemployed |
|$12,499 or less||20.6|
|$12,500 to 20,000||17.2|
|$20,000 to 29,999||12.7|
|$30,000 to 39,999||8.3|
|$40,000 to 49,999||6.1|
|$50,000 to 59,999||5.4|
|$60,000 to 75,000||4.4|
|$75,000 to $99,999||3.6|
|$100,000 to 149,999||2.5|
|$150,000 or more||1.6|
Can you believe what you are seeing? So there is 37.8% unemployment for persons below $20k? THIRTY SEVEN POINT EIGHT PERCENT?
Crank that up to the next level, those under $30k and you get 50.5%! FIFTY POINT FIVE PERCENT UNEMPLOYMENT.
AND AT THAT POINT, IN MANY PLACES, WE'RE APPROACHING MEDIAN INCOME.
And the scope of the study, with data ending 4Q 2009, shows this trend as accelerating. Rapidly. This is bad kittens, this is very very bad. Maybe not for you, but it's bad.
Given as the USA has about 304 million in population, the chart below gives us some idea of how many of us we're talking about from top to bottom.
Gee, and the Wiki article tell us there's only about 4.5 million people (1.5% of population) making over $250k? Hmmmmmmm. That's about the income level it takes to buy a nice farm to retreat from the fall of society to. You know, all those Goldman Sachs executives buying guns
because they are afraid the people they robbed are going to rob them back.
So for every person in that bracket, there's only about 67 million of the rest of us to defend themselves from.
So how safe are we feeling at the Goldman Acres Dairy Farm?