Middle Class America Disappearing, Squeezed Between Taxation and Inflation !!
Middle Class America Disappearing, Squeezed Between Taxation and Inflation
With around 120,000 people declared bankrupt each month, many of the squeezed middle-class see the American dream slipping away.
The financial crisis is hitting middle-class America, as families are forced onto the streets. Some families that once saw themselves beyond the reach of poverty now need help feeding their families and avoiding eviction.
Eighty percent of Americans lived paycheck to paycheck before the pandemic. Imagine that lifestyle while dealing with the pandemic. Millions of Americans are hitting the wall, from fear of catching the virus to juggling unemployment to real fears of hunger.
We are no longer the wealthiest middle class in the world. The country is falling apart. The Middle Class is shrinking.
Pew Research Center data shows that in 1971 sixty-one percent of adults lived in middle-income households; by 2016 that number was down to 52%. Americans as a whole now have over thirteen point eight trillion dollars in debt, a number that’s gone up nearly every quarter for the past six years.
Almost 40 million Americans have lost their jobs since the pandemic struck in March last year. More than the population of Canada. 21% of Americans now rely on welfare, 80% live paycheck to paycheck.
The number of people living in vans and tents has been increasing at an alarming rate. The Middle Class is disappearing, squeezed between taxation and inflation.
Goodbye Middle Class: The Percentage Of Wealth Owned By The Top 1% Just Got Even Bigger.
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