Middle class in the big picture

CJR's The Audit posts a snapshot of financial trends. It's yet another example of how context is everything.

There's been plenty of bad financial news out there - but chart it over time and you can get a feel for what kind of pain this country is in.

Here's a sampling - they start with an article from the Wall Street Journal:

(graph via the Wall Street Journal)

We learn, first, that nine of ten Americans average $30,000 a year, and, second, that that number has been going in the wrong direction. But wait. The economy was in a period of economic growth from 2001 through 2006. Where did the money go?

But back to the Journal story.

[snip]

It also makes the makes the point that income declines for the middle class during periods of economic growth are basically unheard of.

Recessions often depress middle-class incomes and moods. What’s unusual about these declines is that they occurred during the economic expansion that began in 2001 — the first time that’s happened during a prolonged expansion in at least 40 years. The main reason: The benefits of prosperity have gone disproportionately to the families at the very top.

No, this isn’t a Democratic National Committee press release. It’s the world’s leading financial news publication.

There's a lot more. Give it a look.

Late edit:
The Audi also highlights data from CNN Money that charts real estate price changes and foreclosure rates across the country.

Look at the top 10 cities (in their chart, at least) with the highest increases in foreclosure rate:

Metro Area    % change in foreclosure rate (1 year)
Sarasota  458%
Fort Lauderdale  450%
West Palm Beach, FL 435%
Little Rock  405%
Orlando   399%
Bakersfield, CA  391%
Stockton, CA   379%
Miami           370%
San Jose   347%
Riverside, CA   299%
Santa Ana, CA   290%

CJR asks the obvious question - why are the south and west getting pummeled while places like Newark, NJ and Austin, TX are seeing their foreclosure rates go down?

Hmmm.