Epic Economist
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Jun 12, 2024
All hell is breaking loose in America as more and more people can't keep up with their bills, and new reports show that many are resorting to desperate measures to be able to get by. The cost of living in the United States is rising much faster than workers’ paychecks, and our standard of living is rapidly deteriorating. Our country has reached a stage where only the elites are thriving while everyone else is being financially eviscerated.
For most people, it's been a real fight just to be able to put enough food on the table to feed their children. At this point, the majority of the population is deep in debt, and record high interest rates are only adding to people's problems.
Millions of hard-working Americans feel like they're drowning. Sadly, many of them don’t even realize that the game was designed against them and in benefit of the few.
At the moment, about two-thirds of Americans considered middle class say they are facing economic hardship and don’t anticipate a change for the rest of their lives. That's according to a recent poll commissioned by the National True Cost of Living Coalition.
In the study of 2,500 adults, 65% of people who earn more than 200% of the federal poverty level — that’s at least $60,000 for a family of four, often considered middle class — revealed they are struggling financially in 2024.
A sizable share of higher-income Americans also feel financially insecure. The survey shows that a quarter of people making over five times the federal poverty level — an annual income of more than $150,000 for a family of four — are worried about paying their bills on time.
“Many Americans are still gasping for air financially,” highlights Jennifer Jones Austin, chief executive officer of the Federation of Protestant Welfare Agencies. “They simply don’t have the breathing room to plan beyond their present needs.”
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