How Does The Economy Affect The Middle Class

1535 Words 7 Pages
The Middle Class, the Most Affected by The Economic Recession
For the past 40 years, the economic system has been in decline and with it, the opportunities for America’s the middle-class success has also lessened. The time in which the wages of a non-educated person were higher than the ones a teacher received is long gone. In fact, the minimum wage has increased insignificantly over the years, in spite the growth in the cost of living causing a gap between people’s needs and what they can actually afford. The rapid growth of inflation has had an effect on the most vulnerable part of our society the low and the middle-income families pushing every day towards poverty and living them with no options to succeed in society. Anyone familiar with
…show more content…
In addition, Nicole Hayden’s article “What happen to the American Dream?” looks at the disappearance of the wealthiest times among Americans. These articles help us understand the argument presented by Edward McClelland on his essay “RIP, the Middle Class: 1946-2013” on how the economic recession has affected the middle class in the past 40 years. Their discussion of how the economy affects the capability of the middle class to survive under many economic restrictions that the recession brought them, how the intervention of the government can help middle-class economic forecast proving how accurate McClelland’s arguments about the middle class are.
First, Plumer’s and Hayden’s articles help us understand McClelland’s argument on how the economic recession has had an impact on the middle-class wages. In the article presented by Plumer where he incorporates information collected by The Federal Reserve Bank of San Francisco showing which who
…show more content…
In Hayden’s article, she states that “Government policies got us into this mess and government policies could get us out, but don 't think we have the national leadership yet to do the things that, say , President Eisenhower did to help thrive the middle class”(Haynes). In this passage, Haynes affirms that the change that is needed to improve the living of the middle class depends on the government and the place of new policies that help increase the opportunities for the low-income people. In his essay, McCleallan argues that “The shrinking of the middle-class is not a failure of capitalism. It’s a failure of the government …. the lesson of the last 40 years is that we can 't depend on the free market to sustain the middle class. It’s not going to happen without the government intervention”(553-557). In this quote, McClealland blames the government for the current recession that has affected the middle-class financial stability and explains that we can not expect that only the market helps to maintain the middle class. For an economic change to occur, the government intervention is necessary by implementing new regulations that helped decrease the gap created by the inflation. Moreover, after analyzed Haynes’s article, we can understand how it supports the arguments of McCealland about the importance for the

Related Documents