Inside the Financial Crash: Impact on Middle-Class |Trade Off

The financial crisis is hitting middle-class America, as families are forced onto the streets. Some say it's the end of the American dream but for others, this is a chance to redefine what's important.

With around 120,000 people declared bankrupt each month, many of the squeezed middle-class see the American dream slipping away.

From "The Death Of The American Middle Class" (2008)

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[Amelia-Elizabeth]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[janebaker]

Don’t use your retirement to put your kids through college!!!! Are you nuts. They have time to pay it off. You don’t have time to save for retirement

[LMae-rjqi]

My parents didn't pay anything for my college education. They didn't have anything to give me. But, I figured it out. The journey started by attending the local 2-year school with no debt or expenses. Several of my mom's friends remarked to her that it wasn't a good choice. I never felt that way about my community college experience. I now hold a doctorate degree, and I think I came out OK. Praise God!

[mssdn]

I left the USA to come back to my own country. You can lose everything in the USA if you become ill, I’m so grateful to live in a country where we have healthcare without needing insurance

[milagrinafernandes]

I think, the one sentence at 8:00 "You can feel richer, if you want less" is a great advice for all. That will make life happier.

[Sheil-hard]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[tamilhoward]

The lady stating that lower classes get more support from government is not correct. Unfortunately there is more welfare for corporations and billionaires than the middle and lower classes put together.

[bjoe]

This need to be shown on every news outlet in the US. Thank you for exposing & documenting this situation.

[rustykatt]

One strategy I have used to save some money is to ignore fashion trends. I wear solid color tops with black pants or jeans, and a patterned scarf. I hate hate hate shopping, so this has helped avoid going into clothing stores and spending money. Good luck to us all.

[byttlejuice]

I just finished paying off my car. Sometimes I see people driving nice BMW’s and Mercedes, and am tempted. But remind myself to stay reserved, and save money. I know what’s like to be in debt. Poverty is one thing, but debt, it’s something else. You can’t sleep in peace knowing you owe someone money.

[francisphillips]

I always think of what George Carlin said.. "the problem with the American dream.. is you gotta be asleep to believe it." Truer words never said.

[alexchaudhri]

My dad told me once, take care of your health, don’t get in debt, and make sure you have saving.

[Raymondjohn]

A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.

[anthonywalker]

The middle class are poor people who happen to have an education, skills and a credit rating, who unfortunately have to work all day to pay off the debt they owe, most likely never to retire. God Bless America 😂

[managingmonasmoula]

I come from a middle class family. I was taught from a young age how to save and how important an education is. I live well below my means and save my money. I squirrel it all away and hope to retire by the age of 57. I have no children, no debt and no car payment. I'm tackling my mortgage every month like there's no tomorrow to pay this sucker off by the time I retire. I sometimes buy things I shouldn't but I still get by just fine. I won't dare touch my 401k until I'm older and I really need it. My parents never gave me a penny and I'm fiercely independent. I see all the trouble around me and thank God for seeing me through in this life.

[suetipping]

Three vacations over 50 years, buy clothes at Goodwill and consignment shops, buy furniture there as well. Buy small compact cars and keep good maintenance on them. Cook, you learned when you were 12 and in charge of the house, helping with younger sister, doing the cleaning, and responsible for chickens and some gardening. Don't buy stuff Use the library. Do not buy junk food or pop (soda). Keep doctor and dentist visits to minimum. That's how I spent my working years and youth. Running my parent's household and my own. I am retired after working for 52 years. Only required an antibiotic every 20 years. I am healthy and eat good foods. I am happy and love God. He is coming soon. I have no regrets.

[ashleighberryman]

All the boomers in my family are middle class. All own houses, multiple cars, in retirement. All the Gen X/Millineals including myself are considered to be in poverty. One day at a family gathering an older family member started ranting about how our generation in the family isn’t doing ok and is lazy and my oldest cousin shut the whole thing down by reminding them that well have bachelors degrees and they don’t, and we still can only get entry level jobs YEARS after graduation. Millineals are not lazy. A bachelor ms degree might as well be a HS diploma……and my grandpa supported a family of 5 with that…..the system sucks…..

[forprivpass]

Do not buy anything extravagant like a 4 bedroom house if you don't need it. Many things seem to be in excess in America. Live simply and enjoy a happier life!

[kathaiti]

"You can feel richer if you want less."

I agree.

[jaxxiet]

This is sad but the mans narration is even sadder.