Why The Middle-Class Is Disappearing
The middle class was once a symbol of the American dream. It meant financial security and an opportunity for a better future. But that portrait of the American middle class is quite different today. A survey in 2018 found that a third of middle-income adults don’t have as much as $400 to cover an unexpected expense. And while the middle-class lifestyle grows more expensive and uncertain, it’s also moving beyond the reach of younger generations.
“It was at least a secure category,” said Alissa Quart, author of ‘Squeezed: Why Our Families Can’t Afford America,’ [but] there are certain kinds of assumptions around being a middle-class person” that have “shattered” over the past 10 to 15 years.
Some middle-income households and experts believe a lack of supporting policies might be to blame for the drastic changes.
“There is no help whatsoever,” according to Chantal Jacob, a middle-income parent from suburban Texas. “There’s no policy in place to assist people. And I feel like as soon as you get a job, as soon as you’re working, they’re just like, ‘That’s all you need, a job. You got it, go forth and have at it.’ ”
Lawrence Mishel, a distinguished fellow at the Economic Policy Institute, shares that sentiment. “It’s not that the economy got worse, it was that there were policy decisions made so that the economic growth did not filter down to the vast majority.”
The Biden administration has been pushing for several bills aimed at supporting middle-income households, including the $1 trillion bipartisan infrastructure legislation passed in November 2021 and the Build Back Better Act currently stalled in Congress. But observers say it might not be enough to save the middle class from economic hardship now and in the future.
“My friends that were struggling are still struggling,” said Jacob. “I’m still budgeting down to every dollar trying to get things done. So I just feel like if the changes are happening, they’re not trickling down fast enough for us to see the effects of it.”
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Subscribe to CNBC PRO: https://cnb.cx/2NLi9AN
#CNBC
Why The Middle-Class Is Disappearing
Видео Why The Middle-Class Is Disappearing канала CNBC
“It was at least a secure category,” said Alissa Quart, author of ‘Squeezed: Why Our Families Can’t Afford America,’ [but] there are certain kinds of assumptions around being a middle-class person” that have “shattered” over the past 10 to 15 years.
Some middle-income households and experts believe a lack of supporting policies might be to blame for the drastic changes.
“There is no help whatsoever,” according to Chantal Jacob, a middle-income parent from suburban Texas. “There’s no policy in place to assist people. And I feel like as soon as you get a job, as soon as you’re working, they’re just like, ‘That’s all you need, a job. You got it, go forth and have at it.’ ”
Lawrence Mishel, a distinguished fellow at the Economic Policy Institute, shares that sentiment. “It’s not that the economy got worse, it was that there were policy decisions made so that the economic growth did not filter down to the vast majority.”
The Biden administration has been pushing for several bills aimed at supporting middle-income households, including the $1 trillion bipartisan infrastructure legislation passed in November 2021 and the Build Back Better Act currently stalled in Congress. But observers say it might not be enough to save the middle class from economic hardship now and in the future.
“My friends that were struggling are still struggling,” said Jacob. “I’m still budgeting down to every dollar trying to get things done. So I just feel like if the changes are happening, they’re not trickling down fast enough for us to see the effects of it.”
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Connect with CNBC News Online
Get the latest news: https://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Subscribe to CNBC PRO: https://cnb.cx/2NLi9AN
#CNBC
Why The Middle-Class Is Disappearing
Видео Why The Middle-Class Is Disappearing канала CNBC
Показать
Комментарии отсутствуют
Информация о видео
Другие видео канала
How 401(k) Plans Work And Why They Killed PensionsHow American Is Your Car?LinkedIn Is Having a Gen Z Moment. Its CEO Told Us Why and What's Coming. (Exclusive) | WSJA Cluttered Life: Middle-Class AbundanceWhat The Future Cars, Planes And Trains In The U.S. Could Look LikeThe art of misdirection | Apollo RobbinsWhat’s Reshaping Arizona, New York City And Texas?Where Online Returns Really End Up And What Amazon Is Doing About ItMy YouTube StoryWhy so many Americans in the middle class have no savingsWhy The U.S. Is Running Out Of PaintWhy U.S. Freight Trains Are So Much Better Than Passenger RailWhy are Americans choosing to quit their jobs in record numbers?What Are The Pros And Cons Of Tesla’s Service Model?How Suburban Sprawl Weighs On The U.S. EconomyA Bigger Crisis Is On The Horizon, And It Will Last For Decades2 Hours of English Conversation Practice - Improve Speaking SkillsNo One is Telling You the Truth About Electric Cars, So I Have ToThe Samsung S22 Ultra is secretly AMAZING.Ultimate PAKISTANI STREET FOOD Tour in Dubai!! 16 Hours Eating Biryani + Balloon-Sized Puris!!