Thursday, July 7, 2022

"20 Stunning Pieces Of Evidence That Show The Middle Class In America Is Dying"

Full screen recommended.
"20 Stunning Pieces Of Evidence That Show 
The Middle Class In America Is Dying"
by Epic Economist

"Once upon a time, middle-class households made up 65 percent of the U.S. population. Today, the middle-class is not only a minority but it also lost ground financially. This is just one of the cold, hard facts that you will learn in this video. At this point, we all know that the American middle class has been in a steady decline. Our incomes are shrinking, our net worth is going down, and yet the cost of living just keeps going higher and higher. Right now, millions of small business owners and enterpreneurs are being strangled out of existence by mountains of red tape and excessive taxation, while millions of middle class jobs have been shipped out of the country to other nations where it is legal to pay extremely low wages.

More than one-third, or 34%, of middle-class families can’t cover a $400 emergency expense, according to a new study from the Urban Institute. Their experience of financial insecurity underscores their financial fragility in a slowing economy, the researchers noted. “We were certainly surprised by the percentage of families, especially moderate-income families, that are struggling with financial insecurity," they wrote. "There are rising health care costs, housing costs -- all those things present challenges for families, even middle-income families.

As incomes have stagnated, the building blocks of a stable middle-class living have steadily become more expensive," they continued, adding that, "health care, child care, and education are a few of the fundamental but increasingly unaffordable pillars of the American dream." The average monthly expenses for American households are $5,111, according to the most recent Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics. In 2019, the average monthly expenses were only $3,300. Housing is the largest average cost at roughly $1,784 per month, making up 35% of typical spending. Moreover, Americans spend $610 on food per month. Transportation costs more than many realize ($819 per month), largely due to rising fuel prices. And, as of March 2022, the average healthcare spending hit $431 per month.

Until we start doing things differently, we will continue to get the same results, and the middle class will just get increasingly smaller. Over the past decade, middle class households have officially became an economic minority in this country. How much worse do things have to get before we say enough is enough? Are we just going to stand on the sidelines and watch the middle class disappear entirely? We have to remember that this is our future. This is the future of our children and of our grandchildren. This is the future of our nation. And we have to stand up for ourselves because our standard of living is being destroyed, and we're doing nothing to prevent that from happening.

Unfortunately, “the American Dream” is now dying in plain sight, but most Americans don’t seem to care. What in the world is it going to take for people to finally wake up and start taking action? Maybe some of these numbers serve as a wake up-call."
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