The economic data is great,
But the middle class is mad.
Why?
This Time article details the struggle of today’s middle class.
And the phenomenon is not limited to the US.
In the early phase of the pandemic,
The middle class had an opportunity to catch up:
Increased savings
Suppressed spending
Various assistance programs
Two years into the pandemic,
The middle class sees a greater risk of being left behind:
More expensive housing
Heightened living cost
The shrinking wallet
In the past year,
Average hourly earnings decreased.
It is down 2.7% after an adjustment for inflation.
It actually has been in the making for a while.
In the last 20 years,
American’s income growth significantly lags
The rising cost of 3 most important spending:
Housing
Healthcare
Higher Education
For individuals,
It is frustrating that you cannot keep up with hard work.
For society,
It is dangerous to have a crumbling middle class.
Komen