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"15 Signs That America’s Middle Class
Is Poorer Than You Think"
by Epic Economist
"We have been conditioned to think that the U.S. middle class is the richest in the world, but it turns out that in terms of wealth, middle-class Americans rank fairly low compared to middle-income earners in other major industrialized countries. Homeownership rates are higher in many European countries than in the U.S., giving the average European more assets to his name than his American counterpart. In 2021, more than 70% of European middle-class workers had a home, according to the Urban Institute, but in the United States, only 59% of people in that income group had bought a place to live. Plus, it's easier for Americans to borrow money, which eats away at their household net worth, explained Jim Davies, an economics professor at Western University.
We cope with higher levels of debt, less access to health care, and a worse work-life balance, with millions of middle-class seniors actually planning to work past their 80s. Over the past three decades, the financial condition of people in this income group has greatly deteriorated, and today, most middle-class Americans are closer to the lower class than the upper class. In fact, many people are a few missing payments away from falling into poverty, and the American dream of upward mobility seems increasingly out of reach.
With millions of middle-class jobs being shipped overseas as an overwhelming number of companies turned to cheaper labor instead of strengthening our own workforce, the once-strong foundation of the U.S. economy is now cracking, and the repercussions of it will affect out whole nation. Between 2000 and 2014, the number of US households earning between $50,000 and $149,999 per year dropped by 8 million, according to a study by the McKinsey Global Institute. As a result, we have a growing wealth gap, with most middle-class workers becoming more likely to fall into poverty than to ascend to wealth.
The rise of poverty is a cancer that can ultimately destroy the fabric of our society, leaving behind only a barren wasteland of misery and despair, and the worsening inequality is a stain on the historty of the United States, a stark reminder that the prosperity and security once associated with the middle class are now nothing but a distant memory. This crisis is not simply an economic issue, but a political, social, and moral one as well. It is not just about money, but also about a loss of hope, safety, and opportunity. "
The collapse of the great American middle class, which has always been the main catalyst of growth in our country, threatens to erode our democracy and undermine our future because, at the end of the day, the multiple problems faced by this vital segment of our population also translate into a major reduction in the number of individuals with the resources and motivation to participate in democracy, contribute to the economy, and support our development.
The root cause of this downfall is not the failure of the American people, but rather decades of policies that have favored the interests of the wealthy and corporations over working families. As our population continues to lose ground financially, we endure a loss of everything that makes America great - its spirit, its values, and its promise of a better future for us all. That's why, in today's video, we compiled some numbers to prove that the U.S. middle class is financially screwed."
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