As the 2020 presidential election kicks up into high gear, here are what experts point to as some of the top economic issues that middle class families in America currently face. For most middle-class families without high-return investment accounts or trust funds to rely on, their main source of income
If you feel like you're running yourself ragged but aren't making headway, you're not alone.
“Income growth of the middle class has been slower than for both those above and below them,” Richard Reeves, a senior fellow at the Brookings Institute and the director of its Future of the Middle Class Initiative, told ABC News."Since around 1980, the household incomes of that middle-class group has grown by 40%, as opposed to about double that for those above and below.”
“Most American families get their income from work," she added."So I think we need to strengthen work and the wages that they get." A lack of savings and living paycheck-to-paycheck is also an issue as Americans are currently living longer than ever, and may face outliving their retirement funds or"face additional shortfalls if their investment returns fall short," Earle said.
In fact, medical bills are the No. 1 cause of personal bankruptcy among Americans, according to a 2019 study from the American Journal of Public Health. "U.S. markets have become less competitive," Philippon told ABC News."If you want to get a sense of what that means, my estimate is that if you could turn the clock back to 2000, if you could return the market to the degree of competition we had 20 years ago, you would essentially increase the income of the median family by about $5,000 a year."
A 2018 report from the Brookings Institute found that over the past few decades “there have been troubling indications that dynamism and competition in the U.S. economy have declined.” It found that in the airline sector, the top four first served 43% of the market in 1985, but that share had risen to 72% by 2017 due to decades of industry consolidation.At the same rate that U.S.
"Work-life balance is not really so much an issue for the people at the top, although they complain about it a lot," Reeves said, noting that they can afford the childcare and other expenses.
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