Americans have increasingly become divided amongst the rich and the poor, with very few ending up in the middle class nowadays. The American Dream is fading quickly.
This is due to the extremely stagnant wages that most Americans are earning. Most of them only earn less than $20,000 a year.
In the last few decades, the cost of living has risen and the median wage has stayed the same. This leaves Americans unable to afford vacations and dentist appointments.
The middle class is shrinking, and this is due to the many bills Americans have to pay every month.
- Healthcare Insurance
The affordable care act and the accessible care act do help Americans out quite a bit. Premiums for individual citizens is approximately three hundred dollars a month, and for families the number can jump up to nearly eight hundred dollars a month.
Deductibles remain high, even as the accessibility to health care increases. Many Americans are afraid to use their insurance policies as they are worried that the loss of that money will leave them in a financial lurch.
Covering rent has been a problem for almost a hundred years. Currently this is due to the rising difference in the cost of living in large cities and the stagnant wage issue.
The housing market is recovering from it’s recession, and now interest rates are climbing, meaning that many Americans have to now make larger minimum payments on their loans.
- Credit Card Bills
The rising cost of goods is also driving the rising credit card debt around the United States of America. People are getting stuck in minimum payments because they can’t afford to pay any more, and then have to spend more of their credit in order to buy their monthly necessities.
Most Americans have significantly more credit card debt at this point of their lives than their parents did, which is signaling the rapid change of our economy from a cash based one to a credit based one.