Study: U.S. middle class in worse shape than ever
2006-09-29
Source: Reuters
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rss feedThe typical double-income family in the United States is worse off financially than ever, a study released on Thursday said, warning that few Americans have saved enough to brace for financial setbacks.
Middle-class families are struggling to pay for a home, health insurance, transportation and their children's college with wages that have not kept pace with higher prices, according to the study by a think tank headed by a former top aide to President Bill Clinton.
The middle class's financial condition has been a key issue ahead of the November elections, as Democrats warn that this group is fast losing economic ground amid skyrocketing prices and tax cuts that offer them little benefit. "In our estimates, it's becoming harder for families to afford what we consider a typical middle-class lifestyle," said economist Christian Weller of the Center for American Progress, the political think tank headed by John Podesta, a former Clinton chief of staff. Weller cautioned that while Americans are taking on more debt to cover higher costs, wages have not kept pace.
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