The Long Death of America’s Middle Class
The Long Death of America’s Middle Class by Justin Spittler – Casey Research
Justin’s note: In America, what separates the “haves” and the “have nots” has never been wider. It’s a genuine crisis. And yet, few people know why this is happening.
Casey Report editor Nick Giambruno just shared all the details about this crisis in his latest issue. Read on to see what’s really dividing America… why this situation is only going to get worse… and finally, four time-tested ways to build lasting wealth as this trend play out.
By Nick Giambruno, editor, The Casey Report
The American middle class is dying.
In 2015, it dipped below 50% of the population for the first time since data collection started on the issue. It’s now an official minority group.
Meanwhile, nearly half of Americans don’t have enough money to cover a surprise $400 expense. Many are living paycheck to paycheck, with little to no cushion. And US homes are less affordable than they’ve been in decades—possibly ever.
I’ll tell you why this is happening and how to secure your spot among the “haves” in a moment. But first, let’s take a look at the America that was.
The Largest Middle Class in World History
The late 1950s was the golden age of America’s middle class.
This isn’t nostalgia talking. The US really did have robust Main Streets and thriving small businesses.
Back then, the US produced three-quarters of the world’s cars and airplanes. Americans produced most of the world’s steel and built the majority of the world’s skyscrapers.
Plus, the US stock market held the bulk of the world’s total stock market capitalization.
All this productivity gave the average American an unusually high standard of living.
Around then, a husband could support his family on an average income. He and his wife likely owned their own home, as well as their car. They had multiple children—and didn’t think much of the cost of having more. Plus, they had money to save.