I remember the day when people strive to reach the middle class….that meant that all was well and your family could progress along with a descent living and such.
These days we have excellent news….the markets are doing relatively good, wages are up and jobs are there for the taking….and all this means the middle class is flourishing, right?
On paper and in the economic news all indicators are good or so we are told daily…..but how true is the picture that the media paints nightly?
Prices!
While some indicators are looking good (if you are an investor) the reality is that prices are killing the middle class.
A new study shows just how bad it can get….in 5 years there are essentials that the middle class may not be able to afford.
ABC News has just reported that “Consumer prices rose 3.5% in March compared to a year ago, accelerating markedly from the previous month and reversing some of the progress achieved in a two-year fight to cool inflation, U.S. Bureau of Labor Statistics data showed.”
While gasoline and housing continue to remain high, “Core inflation — a closely watched measure that strips out volatile food and energy prices — increased 3.8% over the year ending in March, holding steady from the previous month, the data showed.”
These numbers, which not everyone understands, affect the average American who, no matter the reason, is faced with increasingly high prices, stagnant wages, and basic needs spiraling out of reach. America’s middle class is being squeezed, and what used to be the hallmark of the American middle class and the American dream is becoming increasingly unaffordable. If things don’t change, the average middle-class American won’t be able to afford these things in the next 5 years.
5 Things the Middle Class Won’t Be Able To Afford in 5 Years Due to Inflation
And the government does NOTHING!
Basically we will let the markets decide who eats and who does not.
Is this what you signed up for?
Congress spends all their time working on BS situations while the people of this country slowly die of inaction.
For once the people nee4d to start thinking about the country and not some far flung personality that is all mouth or all promises and no action.
Your neighbor needs you to pay attention.
I Read, I Write, You Know
“lego ergo scribo”
During the short time that Liz Truss was our Prime Minister, she tanked the economy, and interest rates on mortgages went sky-high overnight. Even people on £5,000 a month incomes could not really afford the huge mortgage increases, and for the first time in Britain, the wealthier section of society realised what it is to struggle to make ends meet. I felt it had more than a hint of poetic justice about it.
Best wishes, Pete.
We should be so lucky….once we vote for the crooks they keep their jobs for what seems like forever. chuq