Are You A Member of The Precariat?
Is your financial situation precarious? Precariat is a new term to describe the downwardly mobile middle class. The economy has been growing but wages are still stagnant, and workers have very little power to make their lives better. The Great Recession was in part caused by excessive debt, and personal debt is growing again. It is estimated that up to 80% of workers with or without families live paycheck to paycheck.
The plight of Millennials is even worse. “In the US, the average millennial enters the workforce with more than $37,000 of student debt. Millennial unemployment is more than double the national average, and those who do find work are paid salaries that are 20 per cent lower than those the baby boomers received when they were the same age. Between 2008 and 2013, millennials were the only section of the workforce who saw their real wages fall.” This from an article by Yves Smith in Naked Capitalism.
This hurts us all. The best way to change it is to vote and vote for a Democratic Congress. The Midterms are less than 100 days away.