Fall in Middle Class Income One Reason for More Bankruptcy Filings
Middle Class Income Hasn’t Budged Since the 80s
It was recently reported by a financial news agency that middle class incomes have not increased since the 1980s. This is a disturbing report considering that since the 1980s inflation has skyrocketed. Just look at the prices of homes, tuition, and the general cost of living. The middle class is essentially making the same amount of income as they were in the 1980s, but their expenditures have drastically increased. In other words, the middle class’s income has fallen when taking inflation and the cost of living into consideration.
Government Intervention Hurts the Market Place
There are many factors which have played into the declining middle class, but above them all is government intervention in the market place. Starting a business is difficult with all of the licensing fees and taxes. In Salt Lake County, a business owner has to pay an annual tax on every single piece of personal property he owns. It is truly ridiculous. The government makes it improbable that most people will start a business, even if they want to. Further, there are so many regulations on the use of property that it makes it impossible for an entrepreneur to build a factory or manufacture a new product in the United States.
Manufacturing Base Eroding
One of the side effects of so much government intervention in the market place is the erosion of our manufacturing base in the United States. Manufacturing plants are being shipped over seas at an alarming rate. The United States is becoming more dependent on foreign-made goods. Fifty years ago the United States was the manufacturing capital of the world. Blue collar jobs were plentiful and profitable.
Bankruptcy Inevitable for Many Utahns
The decline of the middle class is sending more and more individuals and families into bankruptcy. While we can’t change the problems with government intervention in the market place, we can help you with your Utah bankruptcy. Call us at 801.413.1753 for a free consultation with a Utah BK lawyer. We will take care of you for a low flat fee.