20 Percent in 20 Years: Middle Class Wealth Is Evaporating
If you’re one of the millions of those in the middle class who can’t shake the feeling that you’re somehow getting left behind, you’re not alone. We’ve been hearing ad nauseum from both sides of the political spectrum that the economy is seeing a tremendous recovery thanks to the policies of the current democratic White House or that things are crumbling beneath our feet, never to be rebuilt. Of course, that depends on what media sources you choose to digest, but it certainly is a mixed bag. Another common narrative is that the middle class is dying, rapidly growing levels of inequality are polarizing America to the point where the country will be unrecognizable from an economic standpoint in a number of years.
That one actually has some merit to it, although it might be a bit hyperbolic.
But the fact that rampant inequality has taken America hostage is not an idea that is lost on the majority of U.S. citizens. As the economy has seen recovery over the past six years following the devastating financial crisis and subsequent recession, most people have had to sit back and watch almost all of the spoils go to the top few percent. For the rich, stock prices have gone up and executive compensation continues to skyrocket, all giving a nice feeling of confidence in the future of the American economy.
But for everybody else, a still-suffering housing market, stagnating wages, and rising debts are still heavy burdens on the middle and lower classes.
In fact, according to The Washington Post, the middle class is no better off than it was twenty years ago. Somehow, actually, it’s 20 percent poorer.