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Middle class earns less, struggles more in current economy

Middle-class families in Florida and around the country are financially struggling and not making as much money as they used too. Additionally, many don’t have as much hope for the future when it comes to their children eventually earning more than them.

According to a recent study, 85 percent of respondents claimed it was harder in the 2000s to maintain a middle-class lifestyle than it was in previous decades. And — it’s not just in their heads either — as the first decade of the 21st century was the first time since World War II that the middle class earned less income than the previous decade.

“That middle class always enjoys a rising standard of living is part of America’s sense of itself, and it has always been true — until now,” the executive director for the Pew Research Center said about the current economic climate.

People’s attitudes toward future earning potential also decreased. In 2008, 51 percent of people thought their children would end up making more money them then in the future. However, now only 43 percent feel the same way.

When looking at why the middle-class has been impacted, sources point to unemployment, underemployment and people no longer in the work force due to the economy. Combined, these three categories make up 20 percent of the workforce in the U.S.

Looking to the future, people may continue to struggle financially and many more might be looking for debt relief options to help them get back to the sound financial ground they once stood. When it comes to reducing debts there are many different options, including bankruptcy and loan modifications. An attorney with experience in debt relief can help to explore these different choices.

Source: USA Today, “Study: Middle class poorer, earned less in 2000s,” Tim Mullaney, Aug. 22, 2012

Our firm works with people who have debts and are struggling financially. To learn more about our practice, please visit our Florida debt relief page.

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