7% of Americans earn over $300k per year. 0.2% of Americans earn $1M+ Average US home price: $416k Salary requirements to purchase a average US home = $100-165k p/yr. Percent of households earning over $100k = 16% The middle class is almost fully erased from America. If you earn under $100k you cannot buy a home and you are in the lower class. Under $60k and youre in poverty. Under $34k is extreme poverty, your life is similar to a second world country. If you earn between $100k - 300k then you are Lower-middle class. You can buy a home and some toys and amenities but you're massively in debt and one medical tragedy away from lower class. If you earn between $300k - 1M, then you are the current US Middle Class. You can live an average life with excess and surplus. You can hire professionals to protect and grow your assets. This was the lifestyle of middle class America circa 1960-1990s. Currently, only 1% of Americans live in the middle class income bracket of $300k - $1M per year. Upper middle class earning over $1M is, again, only 0.2% The wealthy earning over $150M+ makeup 0.0001 The Ultra Wealthy billionaires makeup 0.000002% of Americans. And one last fact, Jeff Bezos alone has enough money to give $1M to over 186,000 people, and he would still have over $1B left for himself....
@@PolishBehemoth The middle class still exists. It’s just getting smaller. I do think Pengasmon has a point that folks either make income by trading their time for money or by accumulating assets. The asset group is crushing it vs the time for money group at this time.
A goal of 2% inflation. What does that equate to compounded in 10 years? What is the heart of any society, skilled labor? What is a country without a middle class?
Indeed. There are a lot of news clips that say things like "The Middle Class is struggling" where the people they're talking about aren't meaningfully middle class. It would be more accurate to say "These people think they're middle class, but they're not" or "These people's parents were middle class, but they've fallen from the middle class".
Because they lie. It’s propaganda. Like the Soviet era newspapers, one needs to read between the lines. The truth is blatantly obvious. We are working poor.
I know a GP makes awesome money, but lives in a basement suite; not that he cannot afford to rent something much better, it is just there are no vacancies in the city he only wants to live in temporarily.
@@ninawestlake14 There is a wide range of earnings for lawyers; and not all are well off. It takes a lot of time and work to become well off or rich in that profession. In some cities where real estate and rentals are so pricey, you need to make a lot. Where I used to live, you need at least 210K income a year to afford a modest house. And about 95K for a one bedroom apt.
you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..Inves tment is the key that can secure your family future.
That's why I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.
I agree with you had a senior colleague at work who was doing well but never had an Inves tment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an Inves tment
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Inves tment without a proper guidance of an expert can lead to a great loss too
Food for thought. I remember in the 80's it was pretty common to do your own home repairs even bigger jobs like roofing. Had one neighbor completely build their house diy. Driving cars until there wasn't much left. Houses stayed nice and well maintained. Now it's new cars and houses that seem to be uncared for. Priorities have changed.
Specialization is supposed to reduce cost. So hiring a roofer is supposed to make sense. I put a roof on the very small house in one day and it was one of the longest days of my life. I can see why people don't do it themselves. My back was aching so bad. Then I moved to a much bigger house and financed the roof job. In regards to cars, most people are living way beyond their means.
@@MrBoxofplastic Grew up in a shack down by the river.In 1950 my dad bought the 500 square foot home for $ 8,000 and today that home is 100,000. In 1955 dad made 15,700. in the mine which is about 40,000 in 2024. Mr. Box you are correct people are going to have to lower expectations and the life style as dad had a 1940's car.
Good luck building your own house DIY today. Lots of permitting and licensing. You’re delusional. I just watched a woman in FL fined $165K for parking on the grass. Things are much different than they were in 1950.
In 1970 I was in high school. 2 bedroom house, 3 kids. Siblings shared a small bedroom. I sleep in a sunroom. That was my bedroom. 1 bath room, no shower, tub only. No closet in my sunroom. No central air, no dishwasher, no dryer, 1 phone, black and white tv. 1 very old car, 15 years and 1 5 year old car. No ac and only am radio. We would have been considered lower middle class. We all 3 of us went to college.
In the late 70s I made just over the minimum wage. Lived in a nice apt, had a new car, vacationed abroad two weeks a year, and had a least one day's pay to bank a month to put toward college. Community college was free with the exception of the books. The cost of one year's tuttion for a prestigioius university cost less than a VCR and woking part time pumping gas in the summer months was enought to cover the tuition.
@@rps1689Yep and the left decided everyone needed to go to college and started handing out government loans to kids. This drove up demand and skyrocketed the cost.
@@stephanied1028 That's because in today's dollars that would be $600,000 -$700,000. This is also prior to the government handing out loans to any college kid, which is what drove up costs. .
I agree it's very expensive to live and times are tough for families. But the spending above one's means has been occurring for a while. Consumerism is out of control, like an addiction people can't stop. If people pulled back and refused to pay the high prices other than necessities prices would contract. Housing, non essential foods, new cars etc.
Consumerism is a problem and the lack of education of many not knowing how big corporatyions use schemes that distort the consumers; perception of value.
Housing is a necessity. You can pull back from overspending all you want to and still not be able to make ends meet with all the inflationary pricing on those BASIC NEEDS
With the increase in middle and lower income folks, I’m always puzzled how they keep voting in politicians that do nothing to help them. Neither Biden nor Trump will do anything to help the middle class. Yet we will have one of them as the new president by next year.
@@Noah_527Politicians don't care about anyone but themselves. They used to be public servants now they're elitist. They are so out of touch it's ridiculous.
Why pay more for food that’s colder by the time it arrives, orders messed up more often, and you have to pay a tip on top of that? No thanks! I’ll cook or pick up the food myself
A Jewish gentleman said to my great uncle in 1930's or 40's that there would be a time when the country will have only two types of people: the rich and the poor. Anyone want to debate that?
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
She goes by ‘Melissa Terri Swayne’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
As you dodge the potholes while driving today, and while 30% of your paycheck is stolen remember that illegals are getting free housing, $10,000 debit cards and you are paying all the bills for Ukraine.
a LARGE middle class is a historical anomaly. But Even Machiaveli mentions the reality of the middle class in his era. and discusses their role in politics.
@@definitelydoing Thats wildly inaccurate, Take your Star-Spangled glasses off and see some of the rest of the world and you will see you are very mistaken.
@@definitelydoing They only come to America because they know they can. Not because America is great. Other countries won't allow them to just show up at the border.
@@phoenix5054 I can't name any other countries off the top of my head where people are afraid to go to the hospital out of fear of going into debt or being unable to pay. It's a situation where the cure is worse than the disease in many aspects.
@@jjonez787 Oh yeah corporate profits are soaring right now while they’re price gouging & who do you think is buying up American homes? Corporate investors.
A study showed that as college, housing, and healthcare costs have skyrocketed, my generation (gen X/millenial, AKA “the boomlet”) is spending less on food, clothing, and transportation. So… yeah, no, a median income LOOKS much less fancy now than when I was a kid (the 80’s).
@@misspat7555 I'm 27. House will be paid off this year. 2 20 year old vehicles paid off. No debt. My generation eats out all the time, drives brand new cars, Carry's around 1000$ iPhones. 10$ Starbucks, and complains. Took me nine years of being frugal and not keeping up with the Jones. Got maid fun of all nine years for being cheap. Now who is laughing. If you think you can't, or you think you can, your right.
Same old same old, freeloaders never admit they are freeloaders even when they know they need corporate socialism to be functional; such is the world supply-side economics where the norm is to socialize the losses and privatize the gains; and reward executives enormously on both occurrences.
🌹I'm 55 years and I retired at 51. I was able to do this because I understand four pricinciples of financial planning success think long term with goals and investing, spend less than you earn maintain liquidity (an emergency savings) minimize the use of debt
I keep seeing how lots of people testify about how they make money from stocks, Forex and crypto currencies (BTC) and i wonder why i keep losing.. Can anyone help me out or at least advise me on what to do 🙏.
Even with the right technique and assets some investors would still make more than others.. As an investor, you should've known by now nothing beats experience and that's final. Personally i had to reach out to a financial adviso (Ava Brenda Harry) for guidance which is how i was able to grow my losing account back to $125k , withdraw my profile right before the corrections and now I'm buying again.
I agree with you, Her concept is key in beating all odds to excel in the form of online commodity trading, all thanks to my Aunty who introduced her to me
When you import poor populations the size of major cities every year - the cost of rent goes up (more renters). Wages go down (cheap workers to replace more expensive ones). They go to the ER and dont pay which increases health care costs, which then increases insurance premiums. (Insurance is a math equation if it costs more to fix the issues your insured against insurance goes up) Basic logic
Yes with Italians, Greeks, etc. Dems did it for votes, just like now. The difference is that these people adopted America and worked, not suck off the system and ruin it.
If we forgive all student debt today. We will be adding a new perpetual government benefit. We have spent ourselves into this inflation death dive. And adding $30B a year for a new government benefit only makes it worse. But we are increasing government debt at $1T every 100 days, so what's another $30B a year. We are so screwed as a nation.
@stevehinz3563 Not quite true. Yes, the 1% own some of that debt. But most of it is owned by pension systems of government and private companies and insurance companies. Not paying back debt does hurt the 1%. But it will primarily hurt the very people that default on the debt.
Other countries have figured out ways to provide free higher education and universal healthcare to their citizens. What’s wrong with the US? We may be able to afford providing a great life for our citizens if we stopped sending tens of billions of our tax dollars to fight other people’s wars.
The middle class is in financial ruin due to the lack of the required massive investment from governments in order to make a middle class grow and be prosperous, which unfortunately was substantially reduced due to the policies that stemmed from supply side economics and its failed trickle down strategy that actually bleeds the bottom in order to sustain growth at the top draining broad prosperity. The destruction of the middle class has been in the making for at least four decades. The key to broad prosperity is a middle class and progressive taxation, which is the greatest innovation that came from the Western world. The greatest wealthiest known middle class ever was created by governments and unions under capitalism in North America. This middle class is what funded innovations and most of the technological advances that we take for granted everyday; they were not funded by the biggest corporations or monopolistic outfits, which have been getting their losses and failures socialized for decades by mostly the middle and upper middle class, and these outfits are a far cry from being innovative as they were before corporate welfare became the norm due to the lack of competition and lack of antitrust laws or the lack of enforcing ones that still exist. The tax burden is no longer on big commerce and the executive payroll, and it is the salaried and hourly worker that has to mitigate the damage including the inequities caused by this. This has little resemblance of capitalism especially how it should be under a mixed economy in the Western World.
I'd be willing to bet that the number of people occupying the lifestyle metrics of middle class is way lower than 50%. By this, I mean a single earner, family of 4 can afford to buy a home, buy a car, afford health coverage, take a couple of vacations a year, and still save for retirement. In most places around the USA, it would require an income of close to $200k to meet the barest minimum of these lifestyle metrics. In 2023, it was just 12% of the population.
😅 vacation where? The earth is a disaster I haven't been on a vacation since 2003. From Atlanta I had hurricane Katrina aftermath in ,05 right after 04 Florida storm,lost my home in the 07 bubble went straight into the,2009 drought the snow storm of 2014 diagnosed tumor and diabetes 2017 moved to Michigan for surgery right into covid and here we are in a hotel room calling the ex wife and kids that moved on. Vacation where I heard hell is nice this time of year
@@Patriot816 I came and left California same year 1996. One water flow to L.A. no I'm out coming from Michigan Saginaw Michigan . I went back to Atlanta no water source except rain fall but there I lived off $10,000 a year gross from 1999-2014. No health insurance no car no home I lived in the poorest apt in Atlanta no.1 working Windows no air no heat, snakes in the toilet check each morning flying cockroaches fire ants. I moved into a hotel got a raise to $11,450 net yep $1200 a year more and this I lived thru Katrina 2005, $5 a gallon gas in Atlanta 2006,the bubble 2008,the drought 2009-2013. The snowstorm of 2014 and I was diagnosed with a tumor 2017 I say welcome to being poor
7% of Americans earn over $300k per year. 0.2% of Americans earn $1M+ Average US home price: $416k Salary requirements to purchase a average US home = $100-165k p/yr. Percent of households earning over $100k = 16% The middle class is almost fully erased from America. If you earn under $100k you cannot buy a home and you are in the lower class. Under $60k and youre in poverty. Under $34k is extreme poverty, your life is similar to a second world country. If you earn between $100k - 300k then you are Lower-middle class. You can buy a home and some toys and amenities but you're massively in debt and one medical tragedy away from lower class. If you earn between $300k - 1M, then you are the current US Middle Class. You can live an average life with excess and surplus. You can hire professionals to protect and grow your assets. This was the lifestyle of middle class America circa 1960-1990s. Currently, only 1% of Americans live in the middle class income bracket of $300k - $1M per year. Upper middle class earning over $1M is, again, only 0.2% The wealthy earning over $150M+ makeup 0.0001 The Ultra Wealthy billionaires makeup 0.000002% of Americans. And one last fact, Jeff Bezos alone has enough money to give $1M to over 186,000 people, and he would still have over $1B left for himself....
Corporations and private equity bought up all the industries where the small family owned business thrived. You used to be able to be upper middle class by having your own business. Now everyone is forced to work for Walmart for min wage.
Things that might help: traditional family values - people married and working together, no student loans. Get a trade or community college level ed: health care tech jobs, LPN, etc. Minimize convenience foods - go to discount markets, cook fresh at home, save every penny. This will make you healthy and energetic so you don't need expensive health care. Live simple Live with family until you can get fixer upper. I think it still can be done with determination
One just One medical emergency wiped out our savings this year. We thought we were insured enough, have short and long term disability insurance and a years worth of income saved for an emergency, but due to our wonderful healthcare system our insurance didn't cover nearly enough. Short and long term insurance pays 60% of what you make. This month we have resulted in using credit cards which were stored away for years and years with 0 balances on them. There is absolutely NO middle class anymore!
Nnbody forces you to bby a new phone, or get a car loan, or go into credit card debt. People can budget smarter and invest instead of trying to impress strangers on TikTok. What happened to self reliance?
Budgeting and discipline is important. That being said in my day it wasn't so much, as working just above minimum wage, I had twice as much as those today that work two jobs that pay just about minimum wage. Took me until I was in my late thirties to smarten up and started budgeting wisely and investing, which enabled me to retire in my 50s.
Heres an advice stop acting rich going broke, stop buying spending avacodo toast,stop buying fake luxury,stop buying fake luxury and stop buying 4 new iphones every 3 months(6000 or more) and stop going to fake college and stop using credit cards.
Many young adults take vacations and buy cars with their student loans. Biden is making us pay for that. Biden is also inviting over 10 million illegals into the U.S. that we have to pay for.
I’m old enough to remember what happens when you build the economy from the bottom up and middle out - it grows the middle class and creates a ladder for the poor, but that is not really happening now; just to a very small extent.
While I find this video informative, I have to say I had to pause the video at 4:46 when provided a stat that might be inaccurate? How is it possible to self-cite a source that is dated in the future? I'm watching this video on 4/12/24 and the date provided for the self-cited statistic that 1/4 homeowners regret buying a house dates 4/24/24??
The socialist won? This is corporatism at its best. Stocks soar, government subsidies. Rich get richer. And you call that socialist? I suggest you open a book. Start with a dictionary.
@@whatmeworrynotoday The "rich" are the policymakers hashing out endless equity-based policies that cause more restriction and bloat than innovation or economic welfare. Socialists, like communists, tend to stand against property rights but desire all the benefits associated with the right to own property of any kind, be it intellectual, real estate, or as you say, "corporate". Please don't take my comment as an attack; it's mere observation as someone raised in NYC whose seen where it's gotten us. Rich people can afford to pack up and leave + they take their companies, which we need, with them, while the middle class tend to follow the economic benefits that come with those opportunities, and the poor (my class) lacks the economic mobility to just get up and leave or even start a business. Socialists are who voted for high taxes and endless gov't-owned/subsidized public services, straining the pockets of us taxpayers while every bureaucrat from the mayor and district rep to the county and state governor launder OUR dollars into the pockets of their donors via bogus enterprises not excluding NPOs. We are taxed not once, not twice, not thrice, but FOUR times --- and the literal socialist party (along with college students/protestors) have for years been advocating to raise minimum wage yet again, causing price hikes, food shortages, killing the job market, and rendering our ecosystem near completely inhospitable to anyone who isn't Jeff Bezos. What's happening in my city is happening around the nation, so yes, socialists --- it's an accurate description of the interests most concerned with exploiting entrepreneurs and anyone they perceive to have a disproportionate amount of "undeserved" wealth, impeding upon property rights, exploiting government powers to systemically *force* wealth redistribution (rather than incentivize wealth generation through organic means of youth innovation, civilian development, entrepreneurship, etc.), promoting the idea that civilians should depend more on the government than themselves (the private sector), overtaxing business-providers, undertaxing big pharma and news organizations, constantly raising wages, reducing the police force, enforcing social compliance mechanisms by restricting access to public services, constantly demanding the government (a public entity) fix all civilian (private) issues and using the imperfections in our society to justify why we need increasingly bigger government, etc. Granted, "Won" is a bit hyperbolic; however, it is increasingly clear that the very demands our socialist and even now many outright communist voters and policymakers push for do not seem to be well thought through and create the circumstances we see now, not just here in my state, but pretty much all the others where they have strong or notable political foothold.
As long as we have the richest of the richest and big corporations having a sense of entitlement that gets their losses and failures socialized by tax payers then takes that money and offshores it in trusts and never have to use it to keep afloat what wealth and business they have at home, there will always be folk in society that will be advocates of some type of UBI program or small businesses looking for financial aid during capital disruption or at least what they are entitled to under a mixed market economy, where its goal is to achieve a balance in regards to fair taxation, which we see has been it tipping in the wrong direction for decades favouring corporations and the very rich over the middle class.
I've already weathered over $6000 in unexpected expenses in 2024 without going into debt. Guess I'm an exeption in the middle-class, or maybe other people are living way beyond their means.
When you continue to outsource jobs while insourcing labor wages are stagnant and artificially suppressed. Then tax the hell out of the middle class to pay for all the social programs
The key to broad prosperity is a middle class and progressive taxation, which is the greatest innovation that came from the Western world, but it requires massive investment from governments, which unfortunately was substantially reduced due to the policies that stemmed from supply side economics and its failed trickle down strategy that actually bleeds the bottom in order to sustain growth at the top draining broad prosperity.
Modest proposal: Americans need to think of middle class as the CLASS in the middle, not the individual people in the middle. The only way the individuals in the middle are also part of the class in the middle is if there's something close to a bell-shaped distribution. There's nothing inherently impossible about a society existing in which the middle class is (for example) the people between the 90th and 97th percentiles. All that it takes for that to happen is for there to be 2 things: 1) a gap above 97 and below 90, and 2) a LOT more lower class people than upper class people. Other societies have recognized this. Historically, no one pretended that the Brazilian middle class meant those between the 30th and 70th percentiles, or that the median income person in Victorian Britain was middle class. Americans got used to thinking "middle class" and "individuals in the middle" were the same thing because in the mid-20th century the distributions were relatively less unequal. But there's NOT an inherent reason the class in the middle has to be made up of the individuals in the middle.
No one may care, but I think videos like this are not completely accurate. The reason that the middle class has decreased by 11% is because there was a 7% increase in the number of people who qualify as upper class based on income. There was also a 4% increase in the number of people who qualify as poor based on income. A person's assets were not factored into the qualification. The 4% increase in the lower class alone doesn't signify that something is severely wrong without understanding who is moving into the lower class. If it was all young families, then this is obviously a real bad thing. However, if it was due to baby boomers retiring and needing less income, then I don't think that this is necessarily a bad thing because they simply may not need to generate as much income. I am not sure exactly who makes up the 4%, but it is worth answering that question before assuming that something dire is occurring.
People spend money like crazy, don't know how to budget and then wonder why they have no money. In the 60s and 70s people didn't have all these new cars with $700 car payments. They also had 1200 sq ft. houses instead of 2500 ones. They worked their way through College instead of taking out loans for useless degrees. This is a lefty propaganda video. Stand up and take responsibility instead of blaming everyone. New cars, gym memberships, Netflix, cable, iPhones, take out food, dining out, etc.. Most have these things and then cry about having no money.
The American Dream is dead 💔😞 I’ve been married for almost 3 years (we don’t have any children) & we can’t afford to buy a house. The average 3bedroom house in my area is $450k
I think the problem goes deeper than spiralling student debt. In Europe college/university is pretty much free but you end up studying for 9+ years easily (Bachelor, Master and PhD) to make the same money your own parents could make with their high school degree or vocational degree. Average European has now one or two Masters degrees so basically 6-7 years university education for crap salaries and still live with your parents. This cannot last. And then Doctors thinking they deserve to earn 10x your salary because they studied 6 years at uni, when the only reason they earn so much is because they are immune to supply/demand market forces as the government maintains an artificial shortage of GPs/Consultants.
I am an older millennial in the USA. I own a business property central downtown. I run several small profitable businesses. I also work a 9-5 for the state. Even I cannot afford a home despite being in the top 2% earners. I see my two children less than an hour a day. This lack of family time makes me fantasize violence. I have watched over 4,000 hours of legislative committee meetings. There are Boomer flower children who think my generation is entitled or whining. I'll take your healthcare old man and give it to my our kids' education. My gen was screwed(6x college price inflation adjusted, housing, wages, small business regulations, HOAs, etc). I'm nearly 40 now and I see what you did. Maybe we can help the next generation. How? The first and hardest step is to remove most of the money from politics. End "Citizen's" United.
If you watch less legislative committee meetings then you might have more time for everything else. 4000 hours is 100 hours of watching per week...more than two full-time jobs.
What you call middle class is in fact was super rich guys compare to other countries. The world is different and Americans has to adapt. No more expensive houses, more great apartments. And please fix the health care institutions, it can be way way cheaper.
This generation needs Dave Ramsey's teachings. 1. Save a $1,000 emergency fund 2. Pay off debts, smallest amount owed to largest amount owed. (behavior, not math) 3. Finish an emergency fund savings of 3 to 6 months of expenses. 4. Save 15% for retirement 5. Save for kids' college 6. Pay off home early (mortgage of no more than 25% of NET salary) 7. Accumulate wealth and give. The baby steps worked for me, they'll work for anyone. I own my home, I have NO credit card debt, I don't owe student loans, and literally the only debt my family and I have is one vehicle which will be paid off this fall, 2 years early. Also, I have no ties to Dave Ramsey or his company. I just used what he teaches and benefitted greatly from it.
Here is my standard: "a crust of bread and a corner to sleep in"- Paul Lawrence Dunbar. Everything that I own can fit into my car. I eat like a Buddhist monk and don't have to. And I have an expanding financial safety net. You may shun such a standard, but I don't have the worries and headache that you.😂
in australia you need to earn 250k a household to be in middle class or you'll struggle to keep your home or business because socialist wankers increased taxes 30% in 23 months
Edcuated smart People will only have kids if they can provide for them it's not to have 7 so 2 can survive into adulthood. It's to have 2 so 2 can thrive and have all the opportunity others kids have.
The American dream is no longer at stake, it’s dead. The 2% richest need to keep shares up and continue to get richer, so unionization is the only way to push back and protect the ones who create that wealth.
The greatest wealthiest known middle class ever was created by governments and unions under capitalism in North America. This middle class is what funded innovations and most of the technological advances that we take for granted everyday; they were not funded by the biggest corporations or monopolistic outfits, which have been getting their losses and failures socialized for decades by mostly the middle and upper middle class, and these outfits are a far cry from being innovative as they were before corporate welfare became the norm due to the lack of competition and lack of antitrust laws or the lack of enforcing ones that still exist. The tax burden is no longer on big commerce and the executive payroll, and it is the salaried and hourly worker that has to mitigate the damage including the inequities caused by this. This has little resemblance of capitalism especially how it should be under a mixed economy in the Western World.
The white middle class continued to grow wealthier while having less children. At the same time, minorities grew substantially and had larger families. As we know, the more children one has, the greater the financial burden. Therefore, we have a smaller middle class.
Is this a bot or Chinese propaganda channel? At 4:46 the “Economy Media” channel quotes itself claiming 1 out of every 4 home owners regrets buying a house - and then dates the quote for April 24, 2024. I AM WATCHING THIS ON APRIL 15th, 2024.
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7% of Americans earn over $300k per year.
0.2% of Americans earn $1M+
Average US home price: $416k
Salary requirements to purchase a average US home = $100-165k p/yr.
Percent of households earning over $100k = 16%
The middle class is almost fully erased from America. If you earn under $100k you cannot buy a home and you are in the lower class. Under $60k and youre in poverty. Under $34k is extreme poverty, your life is similar to a second world country.
If you earn between $100k - 300k then you are Lower-middle class. You can buy a home and some toys and amenities but you're massively in debt and one medical tragedy away from lower class.
If you earn between $300k - 1M, then you are the current US Middle Class. You can live an average life with excess and surplus. You can hire professionals to protect and grow your assets. This was the lifestyle of middle class America circa 1960-1990s. Currently, only 1% of Americans live in the middle class income bracket of $300k - $1M per year.
Upper middle class earning over $1M is, again, only 0.2%
The wealthy earning over $150M+ makeup 0.0001
The Ultra Wealthy billionaires makeup 0.000002% of Americans. And one last fact, Jeff Bezos alone has enough money to give $1M to over 186,000 people, and he would still have over $1B left for himself....
There’s no middle class just working class or owning class
Poor has to work and Rich don’t have to work
All gained off of cheap borrowing. Biggest theft in history.
no idea what youre talking about. Middle class definitely still exists.
@@PolishBehemoth The middle class still exists. It’s just getting smaller. I do think Pengasmon has a point that folks either make income by trading their time for money or by accumulating assets. The asset group is crushing it vs the time for money group at this time.
A goal of 2% inflation. What does that equate to compounded in 10 years? What is the heart of any society, skilled labor? What is a country without a middle class?
Just affording a 1br apartment is now the American 'dream'.
The new American Dream is leaving.
@@alans.philippinesAbsolutely!!
@@alans.philippinesthat's my dream
Renting☝️😂
Many of us own a home
Middle class is now called the working class poor
Its always been that way, Boomers just printed mass money for themselves after Vietnam to appear different.
How can you be considered "middle class" and not have $400 for an emergency expense? Wild.
$400.00 emergency fund is nothing even $4,000 isn't enough
They base it off income. If they based it on how financially stable people were, almost nobody would be middle class.
Indeed. There are a lot of news clips that say things like "The Middle Class is struggling" where the people they're talking about aren't meaningfully middle class. It would be more accurate to say "These people think they're middle class, but they're not" or "These people's parents were middle class, but they've fallen from the middle class".
Because they lie. It’s propaganda. Like the Soviet era newspapers, one needs to read between the lines. The truth is blatantly obvious. We are working poor.
No middle class. Just poor and rich class
When I was growing up in the '80's my Mother used to say "In the future there will be no middle class...there will only be rich and poor."...
She was right!
What else would she say?
Did she give you any more advice I would love to hear it
@@abelflores1593 she also told me to learn Spanish..
@@neanam She used to say street drugs were illegal because the government doesn't make tax money from them....
If the gov says 50% are middle class. At that moment you know the real number is way lower than that 😂.
Exactly what I thought
They lie about the real unemployment rate, living cost index… everything!
There is no middle class, just owners and workers.
then we would have communism if there was no middle class ! middle class own assets like upper class idiot
30 years old and I can't move out. I'm a lawyer
I know a GP makes awesome money, but lives in a basement suite; not that he cannot afford to rent something much better, it is just there are no vacancies in the city he only wants to live in temporarily.
A lawyer and still? Are you a jobless lawyer? I don't understand why you 're in that predicament.
no way
@@ninawestlake14 There is a wide range of earnings for lawyers; and not all are well off. It takes a lot of time and work to become well off or rich in that profession.
In some cities where real estate and rentals are so pricey, you need to make a lot. Where I used to live, you need at least 210K income a year to afford a modest house. And about 95K for a one bedroom apt.
Are you serious??? Are you in California?
People should remember: poverty is not an accident, a coincidence or an inevitability. It is something which is manufactured by the ruling class.
you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..Inves tment is the key that can secure your family future.
That's why I urge everyone to start somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.
I agree with you had a senior colleague at work who was doing well but never had an Inves tment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an Inves tment
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Inves tment without a proper guidance of an expert can lead to a great loss too
exactly! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn
Food for thought. I remember in the 80's it was pretty common to do your own home repairs even bigger jobs like roofing. Had one neighbor completely build their house diy. Driving cars until there wasn't much left. Houses stayed nice and well maintained. Now it's new cars and houses that seem to be uncared for. Priorities have changed.
I'm a millennial that keeps it 80s style. On the flipside, my boomer parents just "hire a --redacted-- "
Specialization is supposed to reduce cost. So hiring a roofer is supposed to make sense. I put a roof on the very small house in one day and it was one of the longest days of my life. I can see why people don't do it themselves. My back was aching so bad. Then I moved to a much bigger house and financed the roof job. In regards to cars, most people are living way beyond their means.
@@MrBoxofplastic Grew up in a shack down by the river.In 1950 my dad bought the 500 square foot home for $ 8,000 and today that home is 100,000. In 1955 dad made 15,700. in the mine which is about 40,000 in 2024.
Mr. Box you are correct people are going to have to lower expectations and the life style as dad had a 1940's car.
Good luck building your own house DIY today. Lots of permitting and licensing. You’re delusional. I just watched a woman in FL fined $165K for parking on the grass. Things are much different than they were in 1950.
@@ivanleelivingston4902 Many people drive 10 year old cars today. Heck many drive 15-20 year old cars.
Can’t afford a house, can’t afford a new car, can’t afford nuttin
I feel bad for you
But you keep working. New slaves
Im a software engineer same cant even find a job with 9 years of experience
@@efexzium Better start learning how to turn a wrench then.
In 1970 I was in high school. 2 bedroom house, 3 kids. Siblings shared a small bedroom. I sleep in a sunroom. That was my bedroom. 1 bath room, no shower, tub only. No closet in my sunroom. No central air, no dishwasher, no dryer, 1 phone, black and white tv.
1 very old car, 15 years and 1 5 year old car. No ac and only am radio. We would have been considered lower middle class. We all 3 of us went to college.
In the late 70s I made just over the minimum wage. Lived in a nice apt, had a new car, vacationed abroad two weeks a year, and had a least one day's pay to bank a month to put toward college. Community college was free with the exception of the books. The cost of one year's tuttion for a prestigioius university cost less than a VCR and woking part time pumping gas in the summer months was enought to cover the tuition.
@@rps1689Yep and the left decided everyone needed to go to college and started handing out government loans to kids. This drove up demand and skyrocketed the cost.
I bet you didn’t graduate college with $80k-100k in student loans either.
@@stephanied1028 That's because in today's dollars that would be $600,000 -$700,000. This is also prior to the government handing out loans to any college kid, which is what drove up costs. .
I agree it's very expensive to live and times are tough for families. But the spending above one's means has been occurring for a while. Consumerism is out of control, like an addiction people can't stop. If people pulled back and refused to pay the high prices other than necessities prices would contract. Housing, non essential foods, new cars etc.
Consumerism is a problem and the lack of education of many not knowing how big corporatyions use schemes that distort the consumers; perception of value.
yep many clowns messing it up for the semi many non-clowns
Housing is a necessity. You can pull back from overspending all you want to and still not be able to make ends meet with all the inflationary pricing on those BASIC NEEDS
In the coming generation there is only be to two class 1. Is Rich and 2. Poor
Correct.
And that's how they want it.
With the increase in middle and lower income folks, I’m always puzzled how they keep voting in politicians that do nothing to help them. Neither Biden nor Trump will do anything to help the middle class. Yet we will have one of them as the new president by next year.
@@Noah_527Politicians don't care about anyone but themselves. They used to be public servants now they're elitist. They are so out of touch it's ridiculous.
@@jamessimon2002and who exactly is they?
Today the middle class drives for Uber Eats and then when they get home they order dinner from Uber Eats!
Or you can just steal one of the deliveries 😂
I have no plans to order from Uber Eats or any other delivery place
That’s exactly one of many issues right there.
Lol
Why pay more for food that’s colder by the time it arrives, orders messed up more often, and you have to pay a tip on top of that? No thanks! I’ll cook or pick up the food myself
Being born in a RICH family is the biggest flex now... because working "Hard" to get ahead in life is DEAD
True
Maybe stop buying sh*t that you can barely afford. I’ll own a home, but never have I thought that a home was an investment. What a joke.
A Jewish gentleman said to my great uncle in 1930's or 40's that there would be a time when the country will have only two types of people: the rich and the poor.
Anyone want to debate that?
Yeah let's debate it
@@nicholas802😳🤣🤣🤣🤣
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
She goes by ‘Melissa Terri Swayne’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
It’s the working class and the wealthy that’s it!!
It’s because our priorities are fucked in this country.
As you dodge the potholes while driving today, and while 30% of your paycheck is stolen remember that illegals are getting free housing, $10,000 debit cards and you are paying all the bills for Ukraine.
Middle class is a historical anomaly
Exactly. The middle class was never meant to be and the elite is coming back with a vengeance to send us back to the days of feudalism.
a LARGE middle class is a historical anomaly. But Even Machiaveli mentions the reality of the middle class in his era. and discusses their role in politics.
@@Godfrey544 correction..a large middle class is a historical anomaly
Pointless video. At no point was the issue of "why" addressed. It presented more like a struggle session.
If you lead a middle class lifestyle with debt, you're not a middle class.
When people say "America is #1!" I find it hilarious,Im like what in Gun Deaths and healthcare failures?
It's number 1 of countries, other countries citizens want to migrate to. Even if they have to swim, crawl beg or borrow. Go figure.
@@definitelydoing Thats wildly inaccurate, Take your Star-Spangled glasses off and see some of the rest of the world and you will see you are very mistaken.
@@definitelydoing They only come to America because they know they can. Not because America is great. Other countries won't allow them to just show up at the border.
In guns, sure. Death and healthcare failures… there are still countries like India and Pakistan.
@@phoenix5054 I can't name any other countries off the top of my head where people are afraid to go to the hospital out of fear of going into debt or being unable to pay. It's a situation where the cure is worse than the disease in many aspects.
Corporate greed! We were sold out to corporations.
braindead answer. You sold yourself to corporations.
@@jjonez787 Oh yeah corporate profits are soaring right now while they’re price gouging & who do you think is buying up American homes? Corporate investors.
Exactly Shay !
By the globalists! They want to destroy westernization.
Maybe focus on who you really are and what brings YOU value and not what others SAY have value..
Maybe stop financing or buying Trucks and cars that you barely have enough money for.
In my eyes the biggest thing hurting the middle class is they want to "look" like the upper class.
Why?
A study showed that as college, housing, and healthcare costs have skyrocketed, my generation (gen X/millenial, AKA “the boomlet”) is spending less on food, clothing, and transportation. So… yeah, no, a median income LOOKS much less fancy now than when I was a kid (the 80’s).
@@misspat7555 I'm 27. House will be paid off this year. 2 20 year old vehicles paid off. No debt. My generation eats out all the time, drives brand new cars, Carry's around 1000$ iPhones. 10$ Starbucks, and complains. Took me nine years of being frugal and not keeping up with the Jones. Got maid fun of all nine years for being cheap. Now who is laughing. If you think you can't, or you think you can, your right.
The problem with the American Dream is that you have to be asleep to live it . George Carlin
The middle class now...Middle of nowhere...And never to find itself back...Peace
And corporate execs are doing fine. sigh...
Same old same old, freeloaders never admit they are freeloaders even when they know they need corporate socialism to be functional; such is the world supply-side economics where the norm is to socialize the losses and privatize the gains; and reward executives enormously on both occurrences.
🌹I'm 55 years and I retired at 51. I was able to do this because I understand four pricinciples of financial planning success think long term with goals and investing, spend less than you earn maintain liquidity (an emergency savings) minimize the use of debt
Money invested is far better than money saved, when you invest it gives you an opportunity to increase your financial worth
It's remarkable how long term advantage people like us have gotten trying to be consistently not stupid, instead of trying to be very intelligent
I keep seeing how lots of people testify about how they make money from stocks, Forex and crypto currencies (BTC) and i wonder why i keep losing.. Can anyone help me out or at least advise me on what to do 🙏.
Even with the right technique and assets some investors would still make more than others.. As an investor, you should've known by now nothing beats experience and that's final. Personally i had to reach out to a financial adviso (Ava Brenda Harry) for guidance which is how i was able to grow my losing account back to $125k , withdraw my profile right before the corrections and now I'm buying again.
I agree with you, Her concept is key in beating all odds to excel in the form of online commodity trading, all thanks to my Aunty who introduced her to me
44+ years of corporation-controlled government & oligarchy-building. Enjoy the social & economic dystopia.
100% due to companies and government
You know society is in trouble when everyone followed all the rules, did everything they were supposed to do and they still can't make it.
When you import poor populations the size of major cities every year - the cost of rent goes up (more renters). Wages go down (cheap workers to replace more expensive ones). They go to the ER and dont pay which increases health care costs, which then increases insurance premiums. (Insurance is a math equation if it costs more to fix the issues your insured against insurance goes up) Basic logic
Didn't the government do the exact same thing for European peasants in the 19th and 20th centuries?...
Right but they keep importing poor impoverished spanish speaking populations into our country it makes no sense
Yes with Italians, Greeks, etc. Dems did it for votes, just like now. The difference is that these people adopted America and worked, not suck off the system and ruin it.
We cant handle all the ILLEGAL immigrants. Our systems will collapse.
I miss America.
If we forgive all student debt today. We will be adding a new perpetual government benefit. We have spent ourselves into this inflation death dive. And adding $30B a year for a new government benefit only makes it worse. But we are increasing government debt at $1T every 100 days, so what's another $30B a year. We are so screwed as a nation.
Who now owns that debt? Answer: the 1%. Solution: Tax it back so they don't "own" eveything.
@stevehinz3563 Not quite true. Yes, the 1% own some of that debt. But most of it is owned by pension systems of government and private companies and insurance companies. Not paying back debt does hurt the 1%. But it will primarily hurt the very people that default on the debt.
Other countries have figured out ways to provide free higher education and universal healthcare to their citizens. What’s wrong with the US?
We may be able to afford providing a great life for our citizens if we stopped sending tens of billions of our tax dollars to fight other people’s wars.
Everything is working as designed. Families need to band together instead of members going their own way and struggling.
Does anyone know when the Build back better starts? ANYONE!
It did for the globalists.
Joe Biden - WORST PRESIDENT EVER……..!!!!!
It got better for the rich, not you and I...
If you are single get a studio apt and save as much as you can and fund your retirement accounts. Save your money so you will not be homeless.
A phone bill 30 years ago for a family of 4 was less than $30. And the phone was $30.
Now 4 phones is $2000 and a monthly bill is $200.
The American Middle class has spent themselves into financial ruin.
The middle class is in financial ruin due to the lack of the required massive investment from governments in order to make a middle class grow and be prosperous, which unfortunately was substantially reduced due to the policies that stemmed from supply side economics and its failed trickle down strategy that actually bleeds the bottom in order to sustain growth at the top draining broad prosperity.
The destruction of the middle class has been in the making for at least four decades. The key to broad prosperity is a middle class and progressive taxation, which is the greatest innovation that came from the Western world.
The greatest wealthiest known middle class ever was created by governments and unions under capitalism in North America. This middle class is what funded innovations and most of the technological advances that we take for granted everyday; they were not funded by the biggest corporations or monopolistic outfits, which have been getting their losses and failures socialized for decades by mostly the middle and upper middle class, and these outfits are a far cry from being innovative as they were before corporate welfare became the norm due to the lack of competition and lack of antitrust laws or the lack of enforcing ones that still exist.
The tax burden is no longer on big commerce and the executive payroll, and it is the salaried and hourly worker that has to mitigate the damage including the inequities caused by this. This has little resemblance of capitalism especially how it should be under a mixed economy in the Western World.
Did I miss something? This says the household debt is 16B, credit card debt is well over a trillion usd according to a quick google
Greed has ruined the world.
The only way to improve brith rate is have a verry good wealth redistribution system.
I'd be willing to bet that the number of people occupying the lifestyle metrics of middle class is way lower than 50%. By this, I mean a single earner, family of 4 can afford to buy a home, buy a car, afford health coverage, take a couple of vacations a year, and still save for retirement. In most places around the USA, it would require an income of close to $200k to meet the barest minimum of these lifestyle metrics. In 2023, it was just 12% of the population.
😅 vacation where?
The earth is a disaster I haven't been on a vacation since 2003. From Atlanta I had hurricane Katrina aftermath in ,05 right after 04 Florida storm,lost my home in the 07 bubble went straight into the,2009 drought the snow storm of 2014 diagnosed tumor and diabetes 2017 moved to Michigan for surgery right into covid and here we are in a hotel room calling the ex wife and kids that moved on. Vacation where I heard hell is nice this time of year
@@Patriot816 I came and left California same year 1996. One water flow to L.A. no I'm out coming from Michigan Saginaw Michigan . I went back to Atlanta no water source except rain fall but there I lived off $10,000 a year gross from 1999-2014. No health insurance no car no home I lived in the poorest apt in Atlanta no.1 working Windows no air no heat, snakes in the toilet check each morning flying cockroaches fire ants. I moved into a hotel got a raise to $11,450 net yep $1200 a year more and this I lived thru Katrina 2005, $5 a gallon gas in Atlanta 2006,the bubble 2008,the drought 2009-2013. The snowstorm of 2014 and I was diagnosed with a tumor 2017 I say welcome to being poor
Saw a video that said to live the American dream in the state of Kentucky (where I live) is $117,000 a year salary. 😮
7% of Americans earn over $300k per year.
0.2% of Americans earn $1M+
Average US home price: $416k
Salary requirements to purchase a average US home = $100-165k p/yr.
Percent of households earning over $100k = 16%
The middle class is almost fully erased from America. If you earn under $100k you cannot buy a home and you are in the lower class. Under $60k and youre in poverty. Under $34k is extreme poverty, your life is similar to a second world country.
If you earn between $100k - 300k then you are Lower-middle class. You can buy a home and some toys and amenities but you're massively in debt and one medical tragedy away from lower class.
If you earn between $300k - 1M, then you are the current US Middle Class. You can live an average life with excess and surplus. You can hire professionals to protect and grow your assets. This was the lifestyle of middle class America circa 1960-1990s. Currently, only 1% of Americans live in the middle class income bracket of $300k - $1M per year.
Upper middle class earning over $1M is, again, only 0.2%
The wealthy earning over $150M+ makeup 0.0001
The Ultra Wealthy billionaires makeup 0.000002% of Americans. And one last fact, Jeff Bezos alone has enough money to give $1M to over 186,000 people, and he would still have over $1B left for himself....
you cant keep moving up a ladder eventually there is no were to go. but you can live under your means and debt free and enjoy life.
I need to work another job to pay for my life nothing lavish. I been applying like crazy I can’t even get a level entry job.
Have you applied at temp agencies?
Great input! Sad but true!! Need more programs like this!!
Corporations and private equity bought up all the industries where the small family owned business thrived. You used to be able to be upper middle class by having your own business. Now everyone is forced to work for Walmart for min wage.
Things that might help: traditional family values - people married and working together, no student loans. Get a trade or community college level ed: health care tech jobs, LPN, etc. Minimize convenience foods - go to discount markets, cook fresh at home, save every penny. This will make you healthy and energetic so you don't need expensive health care. Live simple Live with family until you can get fixer upper. I think it still can be done with determination
One just One medical emergency wiped out our savings this year. We thought we were insured enough, have short and long term disability insurance and a years worth of income saved for an emergency, but due to our wonderful healthcare system our insurance didn't cover nearly enough. Short and long term insurance pays 60% of what you make. This month we have resulted in using credit cards which were stored away for years and years with 0 balances on them. There is absolutely NO middle class anymore!
Nnbody forces you to bby a new phone, or get a car loan, or go into credit card debt. People can budget smarter and invest instead of trying to impress strangers on TikTok. What happened to self reliance?
Budgeting and discipline is important. That being said in my day it wasn't so much, as working just above minimum wage, I had twice as much as those today that work two jobs that pay just about minimum wage. Took me until I was in my late thirties to smarten up and started budgeting wisely and investing, which enabled me to retire in my 50s.
Not true with inflation.
It's over.
Heres an advice stop acting rich going broke, stop buying spending avacodo toast,stop buying fake luxury,stop buying fake luxury and stop buying 4 new iphones every 3 months(6000 or more) and stop going to fake college and stop using credit cards.
Many young adults take vacations and buy cars with their student loans. Biden is making us pay for that. Biden is also inviting over 10 million illegals into the U.S. that we have to pay for.
But the government keeps telling me that they are building the economy from the bottom up and the middle out 🤨
I’m old enough to remember what happens when you build the economy from the bottom up and middle out - it grows the middle class and creates a ladder for the poor, but that is not really happening now; just to a very small extent.
Middle class is the struggle class.
While I find this video informative, I have to say I had to pause the video at 4:46 when provided a stat that might be inaccurate? How is it possible to self-cite a source that is dated in the future? I'm watching this video on 4/12/24 and the date provided for the self-cited statistic that 1/4 homeowners regret buying a house dates 4/24/24??
Maybe it was a typing error
How much have the higher taxes and inflation on those who work led to this economic mess?
Big Government sucks , more taxes & regulations go up the more you have to earn to stay in midde class
The socialists won. Everyone has been "equitized" & equalized away and are equally struggling more or less.
The socialist won? This is corporatism at its best. Stocks soar, government subsidies. Rich get richer. And you call that socialist? I suggest you open a book. Start with a dictionary.
@@whatmeworrynotoday The "rich" are the policymakers hashing out endless equity-based policies that cause more restriction and bloat than innovation or economic welfare. Socialists, like communists, tend to stand against property rights but desire all the benefits associated with the right to own property of any kind, be it intellectual, real estate, or as you say, "corporate". Please don't take my comment as an attack; it's mere observation as someone raised in NYC whose seen where it's gotten us. Rich people can afford to pack up and leave + they take their companies, which we need, with them, while the middle class tend to follow the economic benefits that come with those opportunities, and the poor (my class) lacks the economic mobility to just get up and leave or even start a business. Socialists are who voted for high taxes and endless gov't-owned/subsidized public services, straining the pockets of us taxpayers while every bureaucrat from the mayor and district rep to the county and state governor launder OUR dollars into the pockets of their donors via bogus enterprises not excluding NPOs. We are taxed not once, not twice, not thrice, but FOUR times --- and the literal socialist party (along with college students/protestors) have for years been advocating to raise minimum wage yet again, causing price hikes, food shortages, killing the job market, and rendering our ecosystem near completely inhospitable to anyone who isn't Jeff Bezos. What's happening in my city is happening around the nation, so yes, socialists --- it's an accurate description of the interests most concerned with exploiting entrepreneurs and anyone they perceive to have a disproportionate amount of "undeserved" wealth, impeding upon property rights, exploiting government powers to systemically *force* wealth redistribution (rather than incentivize wealth generation through organic means of youth innovation, civilian development, entrepreneurship, etc.), promoting the idea that civilians should depend more on the government than themselves (the private sector), overtaxing business-providers, undertaxing big pharma and news organizations, constantly raising wages, reducing the police force, enforcing social compliance mechanisms by restricting access to public services, constantly demanding the government (a public entity) fix all civilian (private) issues and using the imperfections in our society to justify why we need increasingly bigger government, etc.
Granted, "Won" is a bit hyperbolic; however, it is increasingly clear that the very demands our socialist and even now many outright communist voters and policymakers push for do not seem to be well thought through and create the circumstances we see now, not just here in my state, but pretty much all the others where they have strong or notable political foothold.
On the path to communism. Their ultimate goal.
I suggest you read history and open your eyes.
@@republicunited2183apparently he did.
American jobs outsourced to India, Philippines, etc. have built the middle class in those countries! At our expense.
Geee it’s almost as if Andrew Yang was onto something about the UBI thing
As long as we have the richest of the richest and big corporations having a sense of entitlement that gets their losses and failures socialized by tax payers then takes that money and offshores it in trusts and never have to use it to keep afloat what wealth and business they have at home, there will always be folk in society that will be advocates of some type of UBI program or small businesses looking for financial aid during capital disruption or at least what they are entitled to under a mixed market economy, where its goal is to achieve a balance in regards to fair taxation, which we see has been it tipping in the wrong direction for decades favouring corporations and the very rich over the middle class.
They took us for granted and gave our wage increases to the board
I've already weathered over $6000 in unexpected expenses in 2024 without going into debt. Guess I'm an exeption in the middle-class, or maybe other people are living way beyond their means.
Maybe stop drinking alcohol and smoking constantly.
Of course, they never mension the cause of everything which is pretty much common sense.
What happened to the middle class? Private Equity. They will never recover as long as PEs boot is on their neck.
When you continue to outsource jobs while insourcing labor wages are stagnant and artificially suppressed. Then tax the hell out of the middle class to pay for all the social programs
You're mixing up "billion" and "trillion"
The middle class went away with the jobs. In the 60's there were jobs everywhere. In the 70's jobs started to decline.
IDK why everyone's pissed off. This is our trickle down economy at its finest
The key to broad prosperity is a middle class and progressive taxation, which is the greatest innovation that came from the Western world, but it requires massive investment from governments, which unfortunately was substantially reduced due to the policies that stemmed from supply side economics and its failed trickle down strategy that actually bleeds the bottom in order to sustain growth at the top draining broad prosperity.
Modest proposal: Americans need to think of middle class as the CLASS in the middle, not the individual people in the middle. The only way the individuals in the middle are also part of the class in the middle is if there's something close to a bell-shaped distribution. There's nothing inherently impossible about a society existing in which the middle class is (for example) the people between the 90th and 97th percentiles. All that it takes for that to happen is for there to be 2 things: 1) a gap above 97 and below 90, and 2) a LOT more lower class people than upper class people.
Other societies have recognized this. Historically, no one pretended that the Brazilian middle class meant those between the 30th and 70th percentiles, or that the median income person in Victorian Britain was middle class. Americans got used to thinking "middle class" and "individuals in the middle" were the same thing because in the mid-20th century the distributions were relatively less unequal. But there's NOT an inherent reason the class in the middle has to be made up of the individuals in the middle.
No one may care, but I think videos like this are not completely accurate.
The reason that the middle class has decreased by 11% is because there was a 7% increase in the number of people who qualify as upper class based on income. There was also a 4% increase in the number of people who qualify as poor based on income. A person's assets were not factored into the qualification. The 4% increase in the lower class alone doesn't signify that something is severely wrong without understanding who is moving into the lower class. If it was all young families, then this is obviously a real bad thing. However, if it was due to baby boomers retiring and needing less income, then I don't think that this is necessarily a bad thing because they simply may not need to generate as much income. I am not sure exactly who makes up the 4%, but it is worth answering that question before assuming that something dire is occurring.
Goood video
People spend money like crazy, don't know how to budget and then wonder why they have no money. In the 60s and 70s people didn't have all these new cars with $700 car payments. They also had 1200 sq ft. houses instead of 2500 ones. They worked their way through College instead of taking out loans for useless degrees. This is a lefty propaganda video. Stand up and take responsibility instead of blaming everyone. New cars, gym memberships, Netflix, cable, iPhones, take out food, dining out, etc.. Most have these things and then cry about having no money.
Shut up please
If you noticed, better times happen during a more closed economy . Free trade benefits only corporations.
The American Dream is dead 💔😞 I’ve been married for almost 3 years (we don’t have any children) & we can’t afford to buy a house. The average 3bedroom house in my area is $450k
If it gets that bad...
It will make more sense to say screw it and just live homeless.
it's the American dream for a reason. You have to be asleep to believe it.
I think the problem goes deeper than spiralling student debt. In Europe college/university is pretty much free but you end up studying for 9+ years easily (Bachelor, Master and PhD) to make the same money your own parents could make with their high school degree or vocational degree.
Average European has now one or two Masters degrees so basically 6-7 years university education for crap salaries and still live with your parents. This cannot last. And then Doctors thinking they deserve to earn 10x your salary because they studied 6 years at uni, when the only reason they earn so much is because they are immune to supply/demand market forces as the government maintains an artificial shortage of GPs/Consultants.
Thank god I got mine
*pulls up ladder*
There is a middle class. I am it. IM very aware of who has more than us and who has less. Middle class is just utterly average and normal.
Listen to Noam Chomsky's video on the precariat, a new social class.....
I am an older millennial in the USA. I own a business property central downtown. I run several small profitable businesses. I also work a 9-5 for the state. Even I cannot afford a home despite being in the top 2% earners. I see my two children less than an hour a day. This lack of family time makes me fantasize violence. I have watched over 4,000 hours of legislative committee meetings. There are Boomer flower children who think my generation is entitled or whining. I'll take your healthcare old man and give it to my our kids' education. My gen was screwed(6x college price inflation adjusted, housing, wages, small business regulations, HOAs, etc). I'm nearly 40 now and I see what you did. Maybe we can help the next generation. How? The first and hardest step is to remove most of the money from politics. End "Citizen's" United.
Oh... and I forgot selling our USA industry to China. That's going to hurt us in not just economy, but war. Jerks.
You're around my age. It is getting harder.
Being told to pull yourself up by your bootstraps and that you are lazy by the most privileged generation in history is so infuriating.
What is your annual income and what part of the country do you live in?
If you watch less legislative committee meetings then you might have more time for everything else. 4000 hours is 100 hours of watching per week...more than two full-time jobs.
What you call middle class is in fact was super rich guys compare to other countries.
The world is different and Americans has to adapt. No more expensive houses, more great apartments. And please fix the health care institutions, it can be way way cheaper.
This generation needs Dave Ramsey's teachings.
1. Save a $1,000 emergency fund
2. Pay off debts, smallest amount owed to largest amount owed. (behavior, not math)
3. Finish an emergency fund savings of 3 to 6 months of expenses.
4. Save 15% for retirement
5. Save for kids' college
6. Pay off home early (mortgage of no more than 25% of NET salary)
7. Accumulate wealth and give.
The baby steps worked for me, they'll work for anyone. I own my home, I have NO credit card debt, I don't owe student loans, and literally the only debt my family and I have is one vehicle which will be paid off this fall, 2 years early. Also, I have no ties to Dave Ramsey or his company. I just used what he teaches and benefitted greatly from it.
Here is my standard:
"a crust of bread and a corner to sleep in"-
Paul Lawrence Dunbar.
Everything that I own can fit into my car. I eat like a Buddhist monk and don't have to. And I have an expanding financial safety net.
You may shun such a standard, but I don't have the worries and headache that you.😂
No. America doesn’t need more taxes. The tax we do pay needs to stay within the country!
When students choose a career path such as Basket Weaver, then go on a spending spree.
Who made the middle class disappear……man!
Big government did
in australia you need to earn 250k a household to be in middle class or you'll struggle to keep your home or business because socialist wankers increased taxes 30% in 23 months
Edcuated smart People will only have kids if they can provide for them it's not to have 7 so 2 can survive into adulthood. It's to have 2 so 2 can thrive and have all the opportunity others kids have.
The American dream is no longer at stake, it’s dead. The 2% richest need to keep shares up and continue to get richer, so unionization is the only way to push back and protect the ones who create that wealth.
The greatest wealthiest known middle class ever was created by governments and unions under capitalism in North America. This middle class is what funded innovations and most of the technological advances that we take for granted everyday; they were not funded by the biggest corporations or monopolistic outfits, which have been getting their losses and failures socialized for decades by mostly the middle and upper middle class, and these outfits are a far cry from being innovative as they were before corporate welfare became the norm due to the lack of competition and lack of antitrust laws or the lack of enforcing ones that still exist.
The tax burden is no longer on big commerce and the executive payroll, and it is the salaried and hourly worker that has to mitigate the damage including the inequities caused by this. This has little resemblance of capitalism especially how it should be under a mixed economy in the Western World.
The white middle class continued to grow wealthier while having less children. At the same time, minorities grew substantially and had larger families. As we know, the more children one has, the greater the financial burden. Therefore, we have a smaller middle class.
Is this a bot or Chinese propaganda channel? At 4:46 the “Economy Media” channel quotes itself claiming 1 out of every 4 home owners regrets buying a house - and then dates the quote for April 24, 2024. I AM WATCHING THIS ON APRIL 15th, 2024.
income hasnt kept up with wages for over 40 years but today its a problem lol figures.