- Financial Survival Network
- Posts
- The Middle Class is Increasingly Becoming “the Impoverished Class”, and the Poor Are Increasingly Being Pushed Into the Streets
The Middle Class is Increasingly Becoming “the Impoverished Class”, and the Poor Are Increasingly Being Pushed Into the Streets
by Michael Snyder The Economic Collapse Blog
America’s middle class is being systematically eviscerated. When the Federal Reserve pumped trillions of dollars into the financial system during the pandemic, most Americans didn’t realize what that would do to them. That money certainly made the wealthy a whole lot wealthier, but it also dramatically increased the cost of living for the rest of us. So now inflation has been rising much faster than paychecks have, and the cost of living has become exceedingly oppressive. In fact, last year we witnessed the largest decline in real median household income in more than a decade…
The official tally is in and it is brutal: Americans suffered the biggest drop in household income in 2022 in a dozen years.
Real median household income was $74,580 in 2022, a drop of 2.3 percent from the prior year, the Census Bureau said Tuesday.