15 Things That Today's Middle Class Can No Longer Afford | with Clayton Morris

15 Things That Today's Middle Class Can No Longer Afford | with Clayton Morris In the harsh economic environment that we're living in today, middle-class families are getting increasingly more cash-strapped and debt-burdened. In fact, if we compare the patterns of consumption from middle-class households of the 2000s and right now, we can rapidly realize that many of the hallmarks that symbolize that someone has made it to the American dream, such as the ability to take vacations or having more than one vehicle per household or dedicating a share of their incomes to leisure or entertainment, are actually things today's middle class can no longer afford. It's sad, but it's true. The American middle class is getting poorer over the years, and in today's video, we've compiled several services, products, assets, goods, or lifestyle choices the current generation of middle-income earners can't really spend their money on. But before moving on, we kindly ask you to support our channel with a thumbs up and don't forget to subscribe. Without further ado, here are 15 things that today's middle class can no longer afford: Having a standard middle-class lifestyle. Until 1990, the standard middle-class lifestyle included home ownership, sending children to college, affording healthcare costs, owning two or more vehicles, and traveling at least once a year. Middle-class Americans were also known worldwide for their purchasing power and for boosting the US economy through their spending. Right now, the reality of middle-income earners is definitely not the same. In fact, a whopping 81 percent of households in the income bracket are facing a consumer recession this year. Primerica revealed that nearly three-fourths or 72 percent of middle-class workers believe that their income isn't keeping up with the rising cost of living. Having two vehicles. Until the mid-2000s, it was very common to see middle-class families with two or more vehicles in their garages. In contrast, in 2023, households with two or more cars are likely to be a minority. Considering that prices for used and new vehicles are going through the roof and fuel costs are still at a historical high, the cost of maintaining a second car may be too much for many families to bear. In December, the average price for a used car was a staggering $30,899, according to Co-Pilot. That amount is $7,146 or 30 percent more than if projected depreciation forecast had held true. The average interest rate on a used car loan was percent last month, compared to percent to finance a new vehicle, according to M-ones. That compares to 7.4 percent and 4.1 percent respectively a year earlier. Furthermore, nearly half or 47 percent of American drivers saw their car insurance costs creep up in 2022, according to a recent survey from the insurance comparison website Insurify. For some drivers, it was less of a creep and more of a giant leap. In three states, Oregon, Maryland, and Virginia, drivers were slammed with a 25 percent hike on their insurance bills. Having a stay-at-home parent. In the '70s, when the U.S. labor force was mainly constituted by men, 49 percent of American women with kids under 18 were stay-at-home moms, according to data from the Pew Research Center. Nowadays, however, 83 percent of middle-class families with children can't afford to have only one income earner. And despite more moms joining the workforce, real household purchasing power has barely budged since then. Having family health insurance. The American healthcare system is rigged. We are the ones footing the bill. Healthcare costs have ballooned over the past two decades, with middle-class health insurance costs rising over five times faster than wages, as reported by the Kaiser Family Foundation. While the average cost of family coverage premiums and deductibles has been going up steadily by about 6.7 percent per year, middle-class wages only go up by about 1.9 percent per year. The group found that individual coverage plans rose 58 percent from an average of $5,049 annually in 2010 to $7,911 in 2022. Over the same period, family coverage plans rose more than 63 percent, from $13,770 to $22,463. Discussed on the show: 20 Signs Walmart is Falling Apart Before Our Eyes | Redacted with Clayton Morris Economic Collapse | Redacted with Clayton Morris It's STARTING! This is how they will track everything you do | Redacted with Clayton Morris It's over | Redacted with Clayton Morris Sources: This channel is intended to share tips and investment videos by experts. We DO NOT GIVE FINANCIAL ADVICE! Please consult a licensed financial advisor and do your own research before making any financial action. #claytonmorris #redacted #redpilledtv @RedactedNews @MorrisInvest @StephenGardner1 ​