Nearly two-thirds of middle-class Americans say they are struggling financially: 'Gasping for air'

[libertybele]

2/3 is quite a significant number!

Nearly two-thirds of middle-class Americans say they are struggling financially: 'Gasping for air'

A majority of middle-class Americans are experiencing financial hardship that they expect will continue for the rest of their lives, according to a new poll.

Findings published by the National True Cost of Living Coalition show that 65% of Americans whose incomes are 200% above the national poverty line – which is about $62,300 for a family of four, often considered middle class – said they are struggling financially.

Respondents include those with high school diplomas and graduate degrees as well as blue- and white-collar workers who live in both rural and urban America.

While many of these people said they are able to afford the most basic expenses, they expressed concern about their inability to save for the future. Tellingly, about 40% of Americans said they are unable to plan beyond their next paycheck, while another 46% said they do not have $500 saved for emergencies.............

.............Americans are also grappling with the highest interest rates in two decades and chronically high inflation that has made the cost of everyday necessities like groceries, rent and gasoline far more expensive.

While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains above the Federal Reserve's 2% goal. And when compared with January 2021, shortly before the inflation crisis began, prices are up 17.6%................

https://www.foxbusiness.com/economy/nearly-two-thirds-middle-class-americans-say-struggling-gasping-air

[mountaineer]

Tellingly, about 40% of Americans said they are unable to plan beyond their next paycheck, while another 46% said they do not have $500 saved for emergencies.

Have they gotten rid of things like iPhones, XBox, streaming services and the like? That might free up money for, you know, food and utilities.

[libertybele]

Have they gotten rid of things like iPhones, XBox, streaming services and the like? That might free up money for, you know, food and utilities.

Sure they could get cheaper phones - Android rather than iphones. They still need phones. But other than streaming services those are generally a one time purchase.  Anymore without a computer -- kids can't do school projects and parents usually communicate with teachers and moitor school events, lunch menus, homework assignments, etc. on-line. Everything is done on-line these days -- even getting quotes for home improvement or signing documents. Anyways, those one time costs aren't going to offset the continual rising grocery, insurance, car payments, taxes, gas, utilities and housing that they face every month.

Yes, Joey and Sally don't need to be in extra circular activities or have the newest clothes and shoes and Mom can forgo getting her nails done and Dad doesn't need the newest car.  I get that.  There are ways to cut back. But one can only cut back so much.

Prices rising 17.6% is pretty darn significant.  We're feeling the pinch and  I can only imagine what young families are dealing with.


To afford a median-priced home of $402,343, Americans need an annual income of $110,871, up 46 percent since the start of 2020.

The average rent for an apartment in the U.S. is $1,713.  (Rent around where I live starts at $2,000 for a 2 bedroom apt).

The option at this point is to move some place cheaper I suppose; Mississippi, Arkansas Ohio.  But not everyone can afford to pack up and make the move to someplace cheaper.   

https://www.cbsnews.com/news/salary-homes-how-much-you-need-to-earn-to-buy-a-home/

https://www.palmbeachpost.com/story/news/2024/04/30/florida-first-time-home-buyers-cost-salary-income/73496656007/

https://realestate.usnews.com/real-estate/articles/heres-what-rent-costs-around-the-u-s

https://www.rentcafe.com/average-rent-market-trends/us/

[mountaineer]

I'm sympathetic,  don't get me wrong. I've cut back substantially at the grocery store, and it's just the two of us,  not a houseful of children.

[Timber Rattler]

I'm sympathetic,  don't get me wrong. I've cut back substantially at the grocery store, and it's just the two of us,  not a houseful of children.

We've got two teenagers to feed and educate, three terminal illnesses in the family, and inflation and ridiculously high interest rates are bleeding us dry.  We've cut our expenses to the bone so right now we're reduced to prioritizing necessities.  The pain is real so don't belittle it.

[Timber Rattler]

There are ways to cut back. But one can only cut back so much.

Exactly, especially with fees, taxes, and utility rates increasing by the double digits every few months.

The option at this point is to move some place cheaper I suppose; Mississippi, Arkansas Ohio.  But not everyone can afford to pack up and make the move to someplace cheaper.   

No jobs in those places though, or rather, jobs in which you can support a family.  Underemployment is the thing now, with most businesses only hiring part-time employees to avoid having to pay benefits.  My 18-year old son works at a major retail chain, which refuses to give him more than 30 hours per week for just that reason.  There's nowhere else for him to apply to since they all do the same thing.  Or else other entry levelk jobs have been taken by Biden's illegal aliens.

[roamer_1]

I'm doing alright. I own my house, and I'm grandfathered on taxes.
So rent don't touch me... No real transport costs.
But I am certainly relying less on the supermarket. I have imposed a strict $250 limit per month on the grocery store. All the rest is coming out of the pantry at the ranch. Getting low on meat, but we've got meat birds and turkeys started, so around 120 days we'll have a ton of chickens to butcher

At an average of 5 lb a bird, thats 500lbs of chicken coming, not including the turkeys.

and I just laid down on my last half-beef. I thought that deal was done, but my partner said we went long... so one more half, and that will fill my freezers pretty good.

Then I better  get my legs working before hunting season. That's when it's gonna get tough. A couple deer at least... but an elk would be nice.

[libertybele]

We've got two teenagers to feed and educate, three terminal illnesses in the family, and inflation and ridiculously high interest rates are bleeding us dry.  We've cut our expenses to the bone so right now we're reduced to prioritizing necessities.  The pain is real so don't belittle it.

That's an awful lot to go through and a lot of burdens to carry.  My heart goes out to you.  Please know that you are in my thoughts and prayers @Timber Rattler

[libertybele]

I'm doing alright. I own my house, and I'm grandfathered on taxes.
So rent don't touch me... No real transport costs.
But I am certainly relying less on the supermarket. I have imposed a strict $250 limit per month on the grocery store. All the rest is coming out of the pantry at the ranch. Getting low on meat, but we've got meat birds and turkeys started, so around 120 days we'll have a ton of chickens to butcher

At an average of 5 lb a bird, thats 500lbs of chicken coming, not including the turkeys.

and I just laid down on my last half-beef. I thought that deal was done, but my partner said we went long... so one more half, and that will fill my freezers pretty good.

Then I better  get my legs working before hunting season. That's when it's gonna get tough. A couple deer at least... but an elk would be nice.

You are fortunate to be able to have alternate sources of meat -- we still have plenty of dehydrated food -- so we still have something to fall back on, though hurricane season is here.  But -- need to start delving into it as the cans are becoming dated.  Time truly went by quickly.

Prayers up for those legs to get moving! 

[roamer_1]

You are fortunate to be able to have alternate sources of meat -- we still have plenty of dehydrated food -- so we still have something to fall back on, though hurricane season is here.  But -- need to start delving into it as the cans are becoming dated.  Time truly went by quickly.

Prayers up for those legs to get moving! 

That beef I was talking about was more or less an investment deal - I bought the steers as calves. The rancher I was partnered with raised them. The we had a deal with a local beef processor - They all went to him, sold in quarters and halves.  So we had no part in the butchering. Sold on the hoof.

The point being that the rancher was happy to have the financing I represented. He had extra range that he couldn't fill. I wanted beef, and didn't have the land (our ranch is not big enough anymore now that the leased land is all turned back). I took my profit back in cash to cover my original investment and some incidental grain and vet expenses = I got my money back out, turned a wee profit, and got about a beef and a half out of the deal... That last half being the one I have coming that was unexpected.

So the point is that in that deal, I was no different than you. All I was to that deal was the money-bags. Anyone with a little loose change can do what I did. I partnered with a farmer.

The same can happen for meat birds, if you have the freezer space. There's a whole ton of farmers that would split their birds with you if you take the cost of it off them. And you'll break way better than the store shelf.

I will be somewhere in the price point of 2.25/lb finished on them chickens. Range fed, but for some scratch... All the keeping of em is moving a couple chicken tractors / poultry nets a couple times a day, and making sure they have water. Other than that it's one all-day butcher party, and the freezers are chock-full.

That ain't hard to do. If you throw in with a farmer you can surely do better than at the store.

[libertybele]

That beef I was talking about was more or less an investment deal - I bought the steers as calves. The rancher I was partnered with raised them. The we had a deal with a local beef processor - They all went to him, sold in quarters and halves.  So we had no part in the butchering. Sold on the hoof.

The point being that the rancher was happy to have the financing I represented. He had extra range that he couldn't fill. I wanted beef, and didn't have the land (our ranch is not big enough anymore now that the leased land is all turned back). I took my profit back in cash to cover my original investment and some incidental grain and vet expenses = I got my money back out, turned a wee profit, and got about a beef and a half out of the deal... That last half being the one I have coming that was unexpected.

So the point is that in that deal, I was no different than you. All I was to that deal was the money-bags. Anyone with a little loose change can do what I did. I partnered with a farmer.

The same can happen for meat birds, if you have the freezer space. There's a whole ton of farmers that would split their birds with you if you take the cost of it off them. And you'll break way better than the store shelf.

I will be somewhere in the price point of 2.25/lb finished on them chickens. Range fed, but for some scratch... All the keeping of em is moving a couple chicken tractors / poultry nets a couple times a day, and making sure they have water. Other than that it's one all-day butcher party, and the freezers are chock-full.

That ain't hard to do. If you throw in with a farmer you can surely do better than at the store.

Gottcha.  I'll check around and see who I can find; but I don't have a lot of freezer space and I don't want to invest in another freezer.  I should have bought one a little bigger but I waited six months during the pandemic to get the one that we have.

[LMAO]

Gee, who would’ve thought that inflation would make things more expensive for people