A strong middle class has been what sets America apart from the rest of the world. If you believe in the reality of the "American Dream", then you must believe in a strong middle-class, as this is what makes the "American Dream" possible.
However, for many, if they were not living the American Dream, came awfully close. That is, until the 2008 financial crisis, which crushed the middle class, in particular, waking an ever increasing many to an evolving nightmare.
According to the Fed's Survey of Consumer Finance : " Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances.", US median household net worth plunged 40% from 2007-2010, "wiping almost two decades of asset accumulation off the books". Specifically, from $77,300 in 2007 to $126,400 in 2010. Moreover, real income fell as well, from $49,600 in 2007 to $45,800 in 2010, which amounts to a 7.7% decline.
Families in the top 10% of income actually saw their net worth increase over the period, rising from a median of $1.17 million in 2007 to $1.19 million in 2010.Of course, it was, and continues to be the housing sector that contributed to the bulk of the huge loss. Wages and income in real terms have been stagnating for decades, while the purchasing power of the dollar continues to deteriorate, which also played a part in the recent massive transfer of wealth. Prior to this time, the many were living far beyond their means. Because prior to 2008, your pet snake could, at the very least, obtain a credit card, and more than likely, a mortgage to boot..
Meanwhile, middle-class families who ranked in the 40th to 60th percentile of income earners reported that their median income fell from $92,300 to $65,900 over the same time period.”
The NINJA Loan - No Income No Job No Assets - has lead to the NINJA generation, who not only are drowning in student loan debt, but can't get a decent job, and it only follows that their chances of accumulating assets is slim to none..
From the US Bureau of Labor Statistics, health and home aides, who earn approximately $20,000 per year, are the fastest growing occupations in the nation. Need I say more.