The Secret Shame of Middle-Class Americans

Wednesday, April 20th, 2016

The Secret Shame of Middle-Class Americans

Author: Neal Gabler
Source: The Atlantic
Publication Date: May 2016 Issue
Link: The Secret Shame of Middle-Class Americans

Stephan: Here I think is the sad and bitter truth of America and those who once made up its middle class. As a person who makes his living from research, writing, and speaking I can only concur with the views expressed here. I could write a $400 check but I definitely don't have the income I once had -- the collapse of book publishing, and magazine writing as income sources has been very dramatic -- and I see many formerly economically secure friends who might have trouble writing that check. And the tragedy of all this is it is entirely self-inflicted. We are in the situation we are in not because of external forces, but because we will not make wellness America's first priority, and we have consistently elected corrupt Rightists who haven't a clue how to govern in a way that increases wellness and who are mostly driven by ideology, theology, fear, and hate.

Man with bag on head Since 2013, the Federal Reserve Board has conducted a survey to “monitor the financial and economic status of American consumers.” Most of the data in the latest survey, frankly, are less than earth-shattering: 49 percent of part-time workers would prefer to work more hours at their current wage; 29 percent of Americans expect to earn a higher income in the coming year; 43 percent of homeowners who have owned their home for at least a year believe its value has increased. But the answer to one question was astonishing. The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?