The middle class has been systematically shackled by large amounts of debt, banking debt to be exact in a new form of financial serfdom.
Much of this started in the early 1970s on par with the deficits don’t matter policy that engulfed our monetary policy for the next four decades.
Like any giant structure built on debt, there is usually a point where a sort of debtor’s spiral will hit.
Many middle class Americans have seen this occur with their credit card debt, mortgages, and auto loans.
This also comes at a time when we have a record amount of two (or more) income households.
More people are working under one roof but earning less and less in low paying service sector jobs.