Posted: 12 Dec 2018 Micahel Synder
The middle class has been steadily shrinking, but most Americans still believe that they are a part of it. Perhaps this is due at least in part to the egalitarian values which have been pounded into our heads for most of our lives. Very few Americans would have the gall to define themselves as “upper class”, and I have never met anyone that would describe themselves as “lower class”.
In place of “lower class”, many politicians now like to use the much more politically correct term “working class”, but a more apt description might be “the working poor”. Today, half of all American workers make less than $30,533 a year, and you certainly cannot support a middle class lifestyle for a family with children on that kind of income.
Our incomes have stagnated as the cost of living has soared, and the middle class has experienced steady erosion as a result. But despite all that, 68 percent of all Americans still consider themselves to be “middle class”…
So according to that survey, somewhere around 18 percent of all Americans wrongly believe that they belong to the middle class.
There are 325 million people living in the United States today, and so we are potentially talking about 58 million people that think that they are middle class but really aren’t.
Of course even if someone can be defined as “middle income” does not necessarily mean that things are going well.
Today, most Americans are living paycheck to paycheck at least part of the time. Living on the edge financially can be a constant source of stress, and it can easily start taking over your entire life. To illustrate this point, I would like to share with you a short excerpt from a recent article by Lauren Wellbank…
Have you ever been there?
Perhaps you are there right now. If so, you are definitely not alone. Most American families are deeply struggling, and it is getting worse with each passing year.
Meanwhile, the folks at the very top of the pyramid have been thriving. In fact, one study discovered that the gap between the wealthy and the poor in the United States is the largest that it has been since the 1920s.
We truly are living in a “new Gilded Age”, and the biggest winners have been those in the “top 0.1 percent”. The following comes from Matthew Stewart…
It has been said that money cannot buy happiness, and that is true.
But without a doubt the numbers show that there are some tremendous disadvantages to being poor. Here is more from Stewart…
Unfortunately, economic conditions are starting to deteriorate once again, and it is those at the bottom of the totem poll that are going to feel the pain first.
The period of relative stability that we had been enjoying is rapidly ending, and just about everyone can see that hard times are ahead of us.
A new survey of corporate CFOs was just released that contains some eye-popping numbers. It turns out that 49 percent of them believe that a recession will start by the end of next year, and a whopping 82 percent of them believe that a recession will have started by the end of 2020…
This is yet another example of the major psychological shift that is taking place in our nation. The overwhelming consensus is that economic activity is going to slow down, and it won’t be people with millions of dollars in their bank accounts that will be suffering.
About the author: Michael Snyder is a nationally syndicated writer, media personality and political activist. He is publisher of The Most Important News and the author of four books including The Beginning Of The End and Living A Life That Really Matters.
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