The Working Class Can’t Afford The American Dream

Jon Government

For millions of middle- and working-class Americans, the “American Dream” is all but dead. Far from being able to afford their own homes, the Fed’s latest survey on the wellbeing of US households revealed that nearly a quarter of Americans are unable to pay their monthly bills on time, and nearly half have less than $400 in the bank…
But in what’s perhaps the most comprehensive analysis of the financial security of American workers, a study published by HowMuch.net explores the true cost of living for working-class Americans in dozens of US cities.
What they found is hardly surprising. In most areas of the country, the average working-class household would be running a spending deficit. According to HowMuch’s methodology, the best place to live from a financial perspective on an Average Joe’s salary is Fort Worth, Texas, which would leave a working-class family with a $10,447 surplus at the end of the year. On the flip side, that same family would need an additional $91,184 just to break even in New York City.

This post was published at Zero Hedge on Sep 1, 2017.