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Why The Middle class can't afford life in America anymore

113 Views· 01/03/23
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In today's video, we'll identify goods middle-income Americans can no longer purchase. We're seeing the worst cost-of-living crisis in history, and Americans' purchasing power is evaporating quickly. Even individuals with some financial security must now choose between food, utilities, and medical care. Middle-earners now lack the financial security of their parents. Education, entertainment, energy, groceries, and other needs continue to rise as real wages stagnate. Every month, this group's living conditions worsen.
Millions of Americans can't afford a middle-class lifestyle. According to a United Way ALICE Project research, nearly 51 million households don't make enough to cover housing, food, child care, health care, transportation, and a cell phone. Primerica showed that the fraction of middle-income Americans whose incomes aren't keeping up with their cost of living rose 16 percentage points from December 2020 to June 2022. Middle-class households with tight resources must cut name-brand spending. Middle-income buyers battle to afford modest luxuries, causing a 28% drop in brand-name purchases in July alone.
Middle-class debt is expanding faster than incomes, leaving employees suffering each month. Money-Zine found "In 1980, the average consumer owed $1,540, or 7.3% of their $21,100 annual income. In 2022, consumer debt reached $58,604 per person, about 60% of the average household income of $97,026. From 1980 to 2022, debt grew 500% faster than income." As the cost of living rises, fewer middle-class workers can save for emergencies. One in seven middle-class homes have six months of emergency savings, according to Bankrate. Over 25% have no emergency reserves, and the rest have modest to moderate amounts, but not enough for six months.

Middle-income people don't live paycheck to paycheck, in principle. 157 million individuals, or 60% of the U.S. population, live hand-to-mouth. Two-thirds of middle-class Americans, or 67%, cannot cover an unexpected $400 bill. One-quarter of Americans spend more than 10% of their net income on energy, according to new figures. Experts consider families that exceed 10% "energy poor." Less than 10% of the population was energy poor in 2014. In the past year, energy poverty has risen by 15%. High energy prices don't just affect low-income households, say economists. Many middle-class families will have a harsh winter. Many in our society are already suffering financially. The worst is yet to come as global events accelerate.

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