American middle class is crumbling
19 May, 2011 20:50
Americans are enduring what many are calling a historic economic collapse. Yet most have no understanding of what is going on or what caused this to happen.
The economy and policy are overshadowed by entertainment and fluff news. The US media is failing to deliver the story behind the collapse to the American.American TVs and newspapers are full of sex scandals, humorous debacles and entertainment hype. The reality of the economic concerns faced by most Americans are not being covered – leaving most Americans in the dark about what exactly is going on or what the future may truly hold. Senior analyst Max Fraad Wolff from Greencrest Capitol explained that rise in low income industries and an erosion of the middle class and unions has led to a steady decline in the overall economy and job market. This affects the ability of Americans to own homes, pay for healthcare and eventually retire. As costs rise and incomes decline, the people suffer.Presently there are more Americans on welfare, food stamps and unemployment than ever before. Many people have maxed out their access to benefits and are unable to receive any government support. Due to budget cuts more and more states are cutting benefits offered to those in need, driving up the poverty and homelessness rates. The Average person getting out of college now has then of thousands of dollars in debt, and yet is earning less than someone would have if they graduated ten years ago.Majority of middle class Americans cannot afford college any longer. Tuition rates are high and the prospect of debt is daunting from both loans and credit cards. “The credit card debt has gotten out of control for some people,” Wolff added. “People use their credit cards to live and it’s the most important thing because when their credit card gives out they literally can’t keep going to the store and buying diapers and cleaning solution, toilet paper and food.” One out of every 7 Americans has at least 10 credit cards, according to The Business Insider. Meanwhile many of the members of the US Congress are very wealthy. Many are millionaires, but all are at least above middle class. “It may be a conflict of interest of interest,” noted Wolff. “The average person in Congress spends almost half of their time raising money.”