Here is something, well a couple of somethings, to think about as you go about your busy day.
Back in the day the bright future that parents dreamed of was to make enough money to enter into the Middle Class…well that dream has been dashed by greed and corrupt government.
Here are the things that the Middle Class will not be able to afford….
In recent years, economic shifts have reshaped the financial landscape for the middle class. From housing to education, many things that were once considered attainable are now out of reach for many middle-class families. Here are five key areas where the middle class is feeling the pinch.
Homeownership
For generations, owning a home was a cornerstone of the middle-class dream. However, with housing prices skyrocketing in many areas, this dream is becoming increasingly elusive. The cost of buying a house has significantly outpaced income growth. In many cities, even a modest home is now beyond the reach of a typical middle-class family. This shift has forced many to either stay in rental properties or move to less expensive areas, often far from their workplaces or families.
https://www.gobankingrates.com/money/wealth/things-the-middle-class-cant-afford-anymore/
On that list is savings for retirement….people are being priced out of retirement….
More than one-quarter of US adults over age 50 say they expect to never retire, and 70% are concerned about prices rising faster than their income, an AARP survey finds. About 1 in 4 have no retirement savings, according to research released Wednesday by the organization that shows how an aging America is worrying more about how to make ends meet—even as economists say the US economy has all but achieved a soft landing after two years of record inflation. Everyday expenses and housing costs, including rent and mortgage payments, are the biggest reasons people are unable to save for retirement, the AP reports.
The data will matter this election year as Democratic President Biden and Republican rival Donald Trump try to win support from older Americans, who historically turn out in high numbers. AARP’s study, based on interviews with more than 8,000 people in coordination with the NORC Center for Public Affairs Research, finds that one-third of older adults carry a credit card balance of more than $10,000 and that 12% have a balance of $20,000 or more. Additionally, 37% are worried about meeting basic living costs such as food and housing. “Far too many people lack access to retirement savings options and this, coupled with higher prices, is making it increasingly hard for people to choose when to retire,” said AARP’s Indira Venkateswaran.
The share of people older than 50 who say they do not expect to retire has steadily increased. It was 23% in January 2022 and 24% that July, according to the study, which is conducted twice a year. “We are seeing an expansion of older workers staying in the workforce,” said David John of the AARP Public Policy Institute. The survey showed 33% of respondents older than 50 believe their finances will be better in a year. A looming issue that will affect the ability to retire is the financial health of Social Security and Medicare. The latest annual report from trustees says the financial safety nets will run short of money to pay full benefits within a decade.
But not to worry the president has told us the economy is strong….that may be the case but not for everyone.
I Read, I Write, You Know
“lego ergo scribo”
We have indications that the present government is seeking to raise the retirement age for State Pension from 68 to 75. There is an election this year, and if they lose it will be interesting to see if the incoming Labour Party continues with that plan. Car ownership is also becoming out of the reach of many retirees, with almost half of them using a car that is 15-20 years old, and they cannot afford to replace it. The future is only for the rich, it seems.
Best wishes, Pete.
What you just said is the same thing that a lot of suffering Russian Peasants were thinking in 1917 too….
From what I’ve been reading and from what friends in the UK have been telling me it’s looking like the Tories are going to get their butts kicked in the next general election, although you never know. Your political system over there is almost as f**ked up as our is. But they certainly haven’t made a lot of friends in the last few years.
As for cars, you’re absolutely right about that as well. Here in the US the price of the average car is pushing $40,000. Over on this side of the Atlantic at least, there is no such thing as a cheap car. I think over in the UK and Europe you can still find reasonably priced cars. You can get something like a Dacia Sandero for around $11,000 – $15,000, a perfectly decent little car. Here? Nothing at all in that price range that I know of.
Yes, Dacia cars are popular, especially in Beetley where there is a Renault/Dacia dealership nearby. I bought a used 2018 Dacia Duster 4X4 last year for £11,000, and many of my neighbours have Sanderos or Stepways. They all have manual shift gearboxes of course, which are not so popular in the USA. The current price for a new Dacia Sandero 2024 model is now £13,000. As for the forthcoming election, it seems that the Conservatives will definitely lose, it’s only a question of by how much. But they are leaving behind a huge debt for whoever takes over, and a black hole in government finances that they have plundered for personal gain. The last 14 years have seen the most openly corrupt and dishonest government in the modern history of the UK.
Regards, Pete.
The future is looking bleak….no chance on the horizon for a reset. chuq
The very likely upcoming violence whomever wins the election will be far more than just bitching about election results as much as it will gravitate to some class struggle of some degree. John was near the mark about Russia in 1917 as that was class struggle… although I don’t perceive the upcoming experience in civil unrest will have the same ending as 1918 Russia, nor will it be anything akin to our own Civil War. More like the urban violence of the 60’s/70’s.
Which urban violence would that be? Protests? Besides it is a class struggle….rich keep getting greedier and the poor keep get hungry. chuq
Why are you using an email? JUst wondering. chuq
The very likely upcoming violence whomever wins the election will be far more than just bitching about election results as much as it will gravitate to some class struggle of some degree. John was near the mark about Russia in 1917 as that was class struggle… although I don’t perceive the upcoming experience in civil unrest will have the same ending as 1918 Russia, nor will it be anything akin to our own Civil War. More like the urban violence of the 60’s/70’s.
There you are….chuq
There is no middle class anymore… there is the rich class and the poor class… period.
Either I am richly poor or poorly rich. Depends if today is a payday or not.
I love the fact that you have graced my blog today– thank you so much…please do not stay away so long.
Then it is a class struggle. chuq
It is absolutely a class struggle
Careful or some will label you a ‘pinko’ LOL chuq