"20 Signs That Middle Class Families Are Being Wiped Out"

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"20 Signs That Middle Class Families Are Being Wiped Out"

by Epic Economist

"We have one of the fastest declining middle-classes in the entire globe. That's right, amongst developed nations, we're only behind Japan. And that's quite controversial considering that the United States is the top economic superpower of the world. It doesn't help that the living expenses are now costing more than ever before while credit conditions haven't been this tight in almost 15 years. Today, middle-income Americans suffer from issues that would be unimaginable to the middle class of the 70s, 80s, or 90s. We can barely afford our homes.

Our children have to take on insane levels of debt if they want to go to college. Finding a job that supports middle-class life has become a hurdle. We're more indebted than at any other moment in history. And a job loss or unexpected health expense can push us right down the income ladder. The truth is that it's never been harder to be a part of the middle-class in America. And once you get there, the problems do not stop coming.

It's hard to admit, but today's middle class is looking a lot like the working and lower classes of past generations. If a middle-class American from the 1980s traveled to the future and saw what 2023's middle-class families look like, without a doubt, they would be shocked. Back then, the average college student paid $9,438 in tuition to get a degree. Now, students are having to pay almost $30,000 to be able to get their degree. The median home price was $47,200 in 1980. Today, if you want your dream home, you'll have to disburse $385,000. While a new car would cost you $7,000 at that time, we just hit a new record for the price of a new car last month: $49,507!

The cost of living has ballooned, but wages have not. And that's contributing to the historic decline of what once was one of the greatest middle classes on the planet. People from other nations used to look up to us and our way of living. But by now, all they can see is that we're struggling to afford even the most basic necessities. The middle class has already shrunk by 11%, falling from 61% of the U.S. population to just 50%, and one of the main contributors to that was the Great Recession, which led many people to lose their jobs, their homes, and their comfortable lifestyles almost overnight.

With another recession gaining steam, the future is looking very scary. Economic uncertainty continues to spread across the nation, and the warnings that say this may be the worse downturn we have ever witnessed are incredibly chilling. No matter what happens, the middle class is in danger, and it is likely to be disproportionally impacted by the coming crisis. We will continue to watch it disintegrating right in front of us as our economy breaks down on a systemic level. We're headed to a tumultuous year, and the reckoning day starts now. That's why in today's video, we decided to gather 20 signs that show the U.S. middle class is falling to pieces all around us."

- https://www.epiceconomist.com/