The American middle class spend $8,000 more each year than they did before the pandemic on household spending. A lot of that was on items you can't escape, like transportation and owning a car. Last year hit over $10,000 annually when you factor in car payments, insurance, maintenance and so on. The median house, if you want to go out and buy it today, before in 2021, would cost you about $1,200. That's now $2,400.
The American middle class is feeling the squeeze: inflation, wages that haven’t kept up, higher interest rates and fluctuating markets are all adding up to a loss of collective wealth. Bloomberg’s Shawn Donnan and a team of journalists are following the economic lives of two dozen middle class families across the country as we head into the 2024 election. In this first installment we hear from four of them. What does it mean to be middle class in America today–and how will their shifting fortunes influence the way they vote?
Read more: The US Middle Class's Economic Anxiety Will Decide the 2024 Election
Listen to The Big Take podcast every weekday and subscribe to our daily newsletter: https://bloom.bg/3F3EJAK
Have questions or comments for Wes and the team? Reach us at bigtake@bloomberg.net.
See omnystudio.com/listener for privacy information.