The Social Security Administration just released national wage statistics for 2022, and the figures that they have given us do not paint a pretty picture at all.
Middle Class Crisis in America: In particular, we should all be deeply alarmed that the median wage earner brought home just $40,847.18 last year. That breaks down to about $3,400 a month, and that is before taxes.
Needless to say, you cannot live a middle class lifestyle in America today on just $3,400 a month before taxes. So in most households more than one person must work, and in many cases more than one person is working multiple jobs.
This writes author Michael Snyder at The Economic Collapse. He is the author of “Chaos” available on Amazon, as well as other books such as “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. Excerpts below.
Middle Class Crisis in America: During our current inflation crisis, the cost of living has been rising much faster than paychecks have, and this is squeezing American families like never before.
Right now, the national median price of renting a home is $1,978 a month, and so after paying rent on a home the average worker wouldn’t have much left over for anything else.
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Middle Class Crisis in America: Meanwhile, actually owning a home is the most unaffordable that it has been since 1984:
Buying and paying for a house costs Americans more now than at any point in almost four decades. Thanks to strong demand and a limited supply of new homes – even as mortgage rates have more than doubled in the past year – it now takes nearly 41% of the median household’s monthly income to afford the payments on a median-priced home, according to research from Intercontinental Exchange (ICE). The last time housing payments cost that much was in 1984.
Of course it isn’t just the cost of housing that has gone crazy.
Just about everything has soared in price over the past few years, and those at the bottom of the economic food chain are being hit the hardest:
But when compared with January 2021, shortly before the inflation crisis began, prices remain up a stunning 17.62%.
Inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily impacted by price fluctuations.
Read the full article here.
Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News. The articles published on those sites are republished on dozens of other prominent websites all over the globe. Michael Snyder available books are on Amazon.com including “Chaos” and The Beginning Of The End and Living A Life That Really Matters. By purchasing those books you help to support Snyder’s work.