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Why The Middle Class Is No Longer Middle Class

Why The Middle-Class Is Disappearing The American middle class, once a symbol of the American Dream, has undergone significant transformations since the 1970s. The Federal Reserve revealed that 33% of middle-income adults cannot afford an unexpected expense of $400, highlighting the economic fragility of this group. The Pew Research Center found that the percentage of American adults belonging to the middle class decreased from 61% in 1971 to 50% in 2023. This trend reflects a change in the economic composition and perception of the middle class in the U.S., with the rise of the "squeezed middle class" facing difficulties in maintaining their standard of living. Costs of housing, education, healthcare, and other essential services have increased, while incomes have not kept pace, putting pressure on middle-income families. The situation has become more complicated for millennials, with only 60% belonging to middle-income households in their 20s, compared to almost 70% of baby boomers at the same age. Households with a family income of just over $100,000 face financial difficulties due to taxes, insurance, student loans, and the high cost of living. Debt has become a burden for many American families, with total household debt reaching a record $16.5 billion in the fourth quarter of 2023. Student loan debt, amounting to $1.6 billion, is a significant factor in middle-class precarity. Homeownership has become unattainable for many, with nearly 23% of homeowners considering buying a home a financial mistake. The erosion of stability and security that defined the middle class has profound implications for American society. The promise of upward mobility, a central component of the American dream, seems increasingly distant for many families. The transformation of the American middle class reflects profound changes in the economic and social structure of the United States, and its future is a central issue for the fate of the American dream. CHAPTERS: 0:00 Why The American Middle-Class Is Disapearing 2:30 Americans Struggling To Stay In The Middle Class 3:32 American Debt Crisis 4:01 American Student Loan Debt Crisis 4:36 Americans Can't Afford A Home 5:13 Americans Struggling To Make Ends Meet 5:45 The Future Of The Middle Class 6:47 The Shrinking Of The Working Middle-Class Executive Producer: Danny Pasquel Produced by: Samantha Harvey Edited by: Jacob Smith Animation: Charlotte Brown Additional Footage: Getty Images » Subscribe to Economy Media:    / @economymedia   Conect With Economy Media Everywhere Follow Economy Media on Instagram: https://n9.cl/economymedia #economymedia