An unlikely source – the Wall Street Journal – has profiled in disturbing detail California’s widening gap not “just between rich and poor but also between rich and middle class.” According to the paper, upper income families in California – defined as “the upper 10 percent” – now earn 12 times as much as lower income families. And the average California family’s income fell by 11 percent between 2007 and 2010.
As a result, only a minority of Californians now can now call themselves “middle class.”
The One Percent’s favorite daily newspaper has even explained how budget cuts threaten to sabotage California’s economic recovery by “saddl[ing] California with an undereducated, less competitive-workforce.”
Budget cuts, which will grow far worse “if voters don’t approve Gov. Jerry Brown’s proposed tax increase in November,” have already: