Middle Class Destruction: The Real Story Behind America’s Declining Economy, by Peter Reagan

Inflation and higher interest rates are exacting a harsh toll on the middle class. From Peter Reagan at Birch Gold Group via zerohedge.com:

Authored by Peter Reagan via Birch Gold Group,

It probably comes as no surprise to you that, these days, the middle class, the backbone of the nation, are struggling. “Gasping for air,” as Newsweek puts it.

Here’s the original press release from the National True Cost of Living Coalition.

The “middle class” is a rather vague concept – one definition is those whose incomes are 3x the federal poverty line (currently $15,000), which encompasses nearly 2 in every 3 Americans. They span the spectrum, from high school graduates to post-graduate degrees, and may work in blue- or white-collar jobs. They live in cities, the suburbs and in rural areas.

In fact, just about the only thing they have in common, other than their incomes, is their difficulty making ends meet:

…the economic hardships of millions of middle-class Americans are going unseen by their government. They feel left behind, unable to relate to testaments of a better economic forecast, and many doubt they will ever find a way out of their financial struggles.

Here are a few highlights from the poll results:

• 40% of ALL Americans are unable to plan beyond their next paycheck
• 46% don’t have $500 saved for a rainy day
• A quarter of those making $75,000 per year spend over 50% of their budget on housing
• The majority of those making under $60,000 per year find their debt “difficult to manage”

Being a middle-class American these days simply doesn’t offer economic security.

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