By MONEY MORNING STAFF REPORTS
Very soon only two types of Americans will exist: The ultra-rich and the ultra-poor.
Economists have been warning about the extinction of the middle class for years, and now recent statistics show this horrifying trend is well underway.
Since 2008, the middle class has shrunk by nearly 20%, according to a survey in January by the Pew Research Center. And low-income jobs now make up 41% of all jobs in the U.S., according to recent data published by the Bureau of Labor Statistics (BLS).
The plague of income inequality has even spread beyond cities, with poverty increasing 65% in the suburbs since 2000.
And with 76% of jobs added in 2013 going to part-time workers, there's little chance for a reemergence of the middle class.
In fact, over the next 10 years, the BLS data projects that at least 15 middle-class occupations will shrink by 5 to 25%, including mechanical engineers, computer operators, and manufacturing technicians and workers.
Yet, big banks, corporations, and politicians have never been richer and more interconnected.
The erosion of America's middle class has brought welfare levels to record highs, and helped foster an entrenched entitlement society.
Today there are 108.5 million Americans receiving some form of welfare, but only 101.7 full-time workers paying for these benefits, according to the U.S. Census Bureau.
That's simply unsustainable and will only get worse as employment conditions continue to deteriorate.
A team of Princeton economists recently found that only 1 in 9 long-term unemployed citizens (over 27 weeks unemployed) find a full-time job again.
That means with the mean duration of U.S. unemployment at 37 weeks, compared to its historic average of 15 weeks, most unemployed workers are unlikely to find full-time employment ever again.
Sadly, there's not much hope that things will improve:
But as the average American struggles to keep a good-paying job, CEOs now make 343 times more money than the average American.
What's worse, the richest 1% of Americans have a greater net worth than the bottom 90% combined.
While the recovery in stocks has further enriched the wealthiest 1%, most Americans have less than $25,000 saved for retirement, according to the Retirement Confidence Survey done by the Employee Benefit Research Institute.
Even more troubling, another recent survey found that 36% of Americans have less than $1,000 saved for retirement.
Yet, those in the top 1% have on average over $16.4 million in net worth.
As more and more Americans leave the workforce and the middle class, it won't be long until an economic crisis more severe than the depression sets in.
That's why now is the time to take steps to protect yourself, your family, and make appropriate moves to insure your retirement assets continue to grow.
A great place to start is George Gilder's book, Wealth and Poverty.
In Wealth and Poverty, Gilder helps Americans see what's gone wrong, why it's gone wrong, and what can be done to restore the wealth that's been stripped from you thanks to the costly welfare society created by government programs.
Gilder explains how, "The welfare culture is destroying the very fabric of American families."
He notes, "The political elite's war on private industry will only result in catastrophe."
Most importantly, in Wealth and Poverty Gilder breaks down the massive scale of the economic crisis you now face and how you actually can - and, in fact, must - overcome it.
Steve Forbes calls this amazing book, "One of the great books of Western civilization, on par with Adam Smith's The Wealth of Nations."
Rush Limbaugh says, "My friends, it would behoove you to study everything you can get your hands on by George Gilder, a true American genius."