What Killed The American Middle Class? (Financial Crash Documentary) | Real Stories
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- เผยแพร่เมื่อ 10 เม.ย. 2019
- With around 120,000 people declared bankrupt each month, many of the squeezed middle-class see the American dream slipping away.
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From "The Death Of The American Middle Class"
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The American dream became exactly that after the 90s just a dream built on debt with the illusion of wealth
America was never a rich country, the government decided Americans were rich and they enacted higher taxation, a recipe for disaster...
The American Dream is foreign.
1913
Sad and true
More like the 70’s
Health Insurance and property taxes are decimating the middle class. It's not what you make, it's what they allow you to keep.
i agree with this 1000%
excellent point!
Add 33% luxury car tax in Australia
Don't forget some of the worst crooks of all, colleges. Tuition is absolutely ridiculous now, and student debt is a crisis. Your degree doesn't even mean you'll make good money anymore either.
So very true
"You can feel richer if you want less " . That's very wise . We westerners should repeat those words again and again....
That's so true.
Well, there is a limit. Cardboard boxes aren't considered homes for a good reason.😿
Amen, to an extent. I'm with Angela Stein, I'm not down with living in a cardboard box. I live in Florida. At the VERY least, I need air conditioning.
@@anrach579 You can still be frugal and run your a/c. I live in Orlando and the power co. is always sending email on how to cut costs. Living with less and within your means isn't living in a cardboard box, unless you're homeless. I thought I could have it all, big mistake. Life is so much better now that I'm not dodging collection agencies.
very wise
One huge medical issue with our child....that’s all it took. You never know what tomorrow will bring.
Yes I agree. Some of us are going along with a little in savings. Then a covid job loss and a medical emergency and then we are sinking fast
As a German it is hard for me to imagine living without health insurance. I don’t believe in socialism but in the healthcare sector. Everyone needs health insurance BUT everyone should pay into it - according to each’s ability. I know only very few people that never had severe health issues themselves or in their family and the costs in the US are astronomical as far as I have heard 😨. I hope your child is alright at least and you see a way out of the bills. God bless
Only in america
Young people please don't start a family or get pregnant at this time. Companies/Government/organizations have no loyalty to employees they will turn on you in a second when its convenient and fire/replace you. Governments are also increasing authoritarianism while helping the Globalist elites to consolidate all wealth/power. To ensure no slavery like life, girls should remember to take the birth control pill daily and both guy/girl should use protection and consider Tubal Ligation which is a quick procedure. You will just condemn your new child to increasing poverty and freedomless slavery and these control/money/job trends worsen.
That is why I never get married, and I definitely don't have kids. Raising a family is financial suicide this day of age.
The narrator does funerals for fun in his spare time.....🙄
That's what the docos about death of the middle class in USA
@Simon András Péter No that wouldn't work. They might fall asleep but they would definitely have bad dreams.
I think this tone was okay to talk about some body’s un fortune.
@@szjohnwongI'm unsure ghosts and ufo's compliment the shockingly tragic and in some cases unresolved murders
Wrong utube sorry but narrators voice reflects hot the USA is today can it be that bad or as trump says fake news
The rich dont need credit......the poor cant have credit. The only people running up credit debt are the middle class living beyond their means. Think about it!!!!
Incog Neto NOT TRUE I live in South Florida so yes 100k ain’t what u think it is....
Lmao, true though
The Upper Poor Class (lol) i call it, people who are making 25 to $30,000 a year are getting credit they are just getting sucker-punched in the teeth with high interest rates and payday loans are choking them until they pass out financially
I have zero debt and live below my means. Always have and always will. However even I know that it just takes one medical emergency to bankrupt me even with my sound financial habits.
Yep you are right
Middle class pay most of the taxes...the rich get loopholes.
JoieDeVivre so do what the rich do......😉
@@dolobrolic6066 in your dreams.
Brenda Kabanda it’s better than complaining about.......❤️👉🏾
JoieDeVivre Nope. The rich pay the taxes, the middle class is increasingly on welfare.
@@alsmith5147 no the rich hide money overseas. and the government taxes the middle class more so now they're on welfare and inflation is increasing.
Wife and I are probably never having kids and we're both engineers. We'd rather retire.
120,000 a year and I'm living off 24,000 with 4 kids
Tie it in a knot already.
This is my life. Thank you so much for airing this. I saved it to my FB page. I think EVERY poor and struggling American needs to see this. We didn't do anything to deserve this. It was done TO us, mostly by the greedy and corrupt. But, I refuse to be a victim! I am strong, and I will find a way.
You poor thing!
Why do you say that? I don't consider myself to be a poor thing.
@@anrach579
We didn't do anything to deserve this? It was done to us? You are such a victim. And yes you admitted to being poor.
Kelvin, dear, 1. Our government is corrupt was my point. 2. I NEVER said I was poor honey. And 3. I am NO victim. So, I believe you misunderstood me. But that's ok. You have a nice night and bless your heart.
@@anrach579
NO YOU!
Student Loan Debt
Car Payments
Rent Prices
Defy Convention don’t forget medical
Child care
Groceries
Gas
Our wages have not increased but everything else has. We are struggling to stay afloat.
Being single
The economy worked after W W 2 - if you wanted a full time job you could find one. A job that would pay enough for a modest home, a car, and maybe vacation trips. The job would provide health care, retirement, and vacations days. Everyone seemed relaxed and happy and the economy hummed along. Then the gas shortage of the early 1970's kicked in and inflation went up and wages got stagnant. It's been a downward spiral ever since. And while this was happening the cost of housing went up and up. A house that cost new in 1955 was around $7,000 now would cost $100,000. A car that used to cost $3500 new was now $30,000 dollars to purchase. Wages did not keep up and of course the corporations did this on purpose to satisfy their stock holders and be able to pay their CEO's millions of dollars in bonuses and stock options. It didn't used to be like this. And the notion that getting an advanced degree would help with all of this is a sham too - then these people are stuck with thousands of dollars of college dept - all one big scam if you can't pay it back.
That Farmer better accept that subsidy. Big corporations are gladly doing it
Soy bean prices close to 30 yr lows. If lets say u sold widgets n ur price of widget hasnt increased in 30 yrs but ur raw material prices have n ur labor n machinery plus ur realestate etc do u think ud have problems? American farmers r toast if this keeps up.
Even with us farm sibsidies its not a pretty picture.
It's hard to imagine making $120000 a year and still struggling. I know Boston is expensive, but so is NJ where I am. If I made 120, I would feel rich. For a while at least.
"For a while at least." That's exactly right because soon your spending will catch up to your income. Herein lies the real problem.
You must be asleep to actually experienced American Dream.
That's really sad..........
Like countless others, you've got it the wrong way round. One was always expected to actually put in some effort to earn it, rather than lie on the couch binging on junkfood and TV waiting for a handout.
No you just need to be financial literate and stop getting into debt.
@@icecreamforcrowhurst I wouldn't think so
Sadly, these people are unable to transcend a state other than material gain.
The Federal government should of let the banks go out of business there will always be another bank that may bring innovation to the economy.
Blame Obama he had them by the bulls and let them all go free.
Debt. Debt has killed the middle class. The loss of jobs ... Most have been sent over seas, forcing the narrative that you must have a college education to work here in the US. People finance college for a low wage job here and immediately are upside down in life. Wages are low but the price of everything continues to go up. Cant afford life? They'll tell you to get MORE education 🤦♀️🤦♀️🤦♀️ We need factory jobs back here!!!!!! We need work here for our citizens!!!!
None of these people cared when poor people were saying the same thing.🤔
The poor get benefits and a lot of help from the middle class
Yes, I know now that we were not paying attention. All I can say is that I was too involved in my own struggles. And now, I have been humbled, believe me, and I offer a sincere, personal apology for my willful ignorance. And, if things keep going the way they are, the ones who don't get it, will eventually be forced to face it also.
@@anrach579 Nothing's going to change until enough people lose it all.
Mistie Medendorp My comment wasnt meant to place blame. I was refering to the working poor. Ive been there too, when working multiple jobs was not enough. My point was that this poverty isnt new. All poor people are not lazy and waiting for handouts.
I appreciate your comment and wanted to clarify that i did not mean to assign blame or evoke guilt.✌
@@PatchsOhulahan , yet we still have to chose between medicine and food, electricity or a phone. etc, etc. the solution is not to scapegoat us, but have the rich chip in thier fair share. I wasn't implying that you were doing that.. it just I know folks who do. And the idea of the poor living large on government aid is also a myth; most of us are one paycheck away from homelessness. any who... sadly we are all getting screwed by the ultra rich.
Makes over 100k a year. I don't have enough money. Someone who makes 30k a year.... I have everything i need
Ikr, I thought so too. What do they spend their money on? I wanna know.
@@brendakabanda2181 they spend it on those dam GRANITE COUNTERTOPS in their kitchen.
@@brendakabanda2181 mortgage and kids. Property is sky high and raising a child is ridiculously expensive. If you notice most of the testimonies in the video are from families. Depending on location, a single person can get by with 30k a year. I live in the Philly suburbs and can't even manage that due to astronomical rent. If I could relocate to somewhere that cost me 500 a month in rent, I would be set.
@@AirahsELL It's all about the cost of housing. And property taxes. I am in NJ and am just pissing money away on crazy property taxes.
In america at 100k take home is about 53 percent and job cost will be 10-20k. So your really make 43ish. I left my corporate job in 2016 making 163k for a job making 39k my take home dropped 170 a week for 30 plus hours a week less work. This is why everyone "rich" complains about taxes
Answer: credit card is a killer.
Only if you abuse it which is the.norm for most
Yes, budget for needs only.
😪👎
Did that lady just blame poor people for her not having money?
Oh no. She is pointing out what is truthful. When you are poor, you have so much free subsidies from the govt. Most of them dont work anymore because sometimes their salary, gets them out of the salary bracket that allows them to get those benefits. Others, ask to get paid in cash so that it is under the table. They get to keep subsidized housing, EBT, Medicare while actually earning under the table cash money and with that, not much to disclose during tax season so you keep more money. When you're trying to be middle class and go with what's right, pretty much, you get f*cked up. So it's not just rich. The politicians have bought the poor by giving away these benefits to the poor. E.g. "poor" people in NYC that lives in a subsidized project apartment but owns a freaking Mercedes Benz.
@@mayac.1345 shes a smart cookie
Disparity of wealth has increased 10 fold in the last 18 years. THAT is the only place you will find the money the middle class used to have.
Chris Bova so true!
We would rather spend countless hours educating our students on anti bullying instead of financial literacy. Tattoos are not a good way of investing in art!
The world is telling us something pretty important these days if we listen. It is that we don’t matter at all. Not this way. We have lived all wrong for the last century or so. Materialism, rationalism, individualism. What have they produced? Greed, brutality, cunning, competition. What have those produced? At a human level beneath the festooned gadgets and the glittering spires? Loneliness, bitterness, rage, anger, fear, envy. Inequality and stagnation and immobility and decline. Despair and cruelty and misery at the meaningless of it all. All those extremist parties arising around the globe. They look to America as an example , not as a warning. That’s what they want to become. Hence, the bombastic demagogues that run them stand for cutting public services, deconstructing governance, shredding the social contract, and replacing it with various forms of authoritarianism, kleptocracy, and feudalism, which don’t really have social contracts as much as pledges of fealty. It took human beings millennia to develop these things called social contracts and yet here we are, time-warping backwards centuries by the month. What do you think an era of zero interest rates means? It means that there is so much money sloshing around in the treasure chests of the global economy, so much loot piled up by Jeff Bezos and Bill Gateses, that there is nowhere left to put it. Not a single place: all the yachts, super mansions, and trophy castles have been bought. Nada left to buy equals zilch interest to lend at. Zero interest doesn’t just means “societies can borrow for better than free and give everyone healthcare, education, an income, and savings” it means that if they don’t, the economy will go right on cruising into oblivion, because that money will go on piling at the top, instead of doing anything remotely useful, beneficial, or necessary.
The American corporate CEO, CFO, COO, CIO, etc is the blatantly obvious human symbol that something is seriously wrong with american values. We tend to elevate and reward the worst people here, for doing absolutely nothing. These people are just like lords and nobles of the middle ages - they have to have armed security guards and huge gated compounds, or they would get strung up and burned. I can't imagine how someone sane would believe their time is worth $2,000/hr, and then feel good about themselves while the people around them that do more work are lucky to make 1/100 of that.
@@MultiPoseur well said and very true indeed.
@@TBONESIDEOFLIFE capitalism wins... humanity and biosphere loose..
That's the white man way. I want everything for myself and screw everyone else. And I will steal lie and kill to keep it all to myself. And the world we live in today is the result of that
The description of middle class being people who have aspirations and want good healthcare and for their kids to go to college... uhhh, isn't that the case with everyone? That's implying lower class doesn't want that and are in poverty due to lack of aspirations.
For REAL.😒😑
Exactly, I was listening to her thinking, that's not an accurate description. She seems completely out of touch and unqualified to make such statements.
Everyone wants the good things in life, sure. But not everyone is willing to adopt a lifestyle that makes it possible to attain those good things. Getting ahead requires being fully literate and numerate, abstaining from drugs and alcohol, staying this side of the law, and living beneath your means. The rewards of this lifestyle are often reaped not by oneself but by one's children or even grandchildren.
the point is, why go to college, why send your kids, why take on all this debt...if you are just going to end up working until you die with no pension and paying health insurance bill that's is more than a mortgage.
@@bassamalfieed976
If you don't get a BA or BSc, you are unlikely to be offered a serious white collar job.
You can go to college while running up at most $20K of debt. Not crippling.
Very few of us work after age 70, unless we really really enjoy the work. Delaying retirement until you turn 70 fattens your Social Security benefit. You are 70 ,there is no point to further delay.
An IRA is a pension for everyman. Most private sector employers offer a 401k with substantial employer matching.
Health insurance is much less of a problem under ObamaCare. If you are married with two children, you qualify for Medicaid if your household income is under 31K and your state has raised the income ceiling for Medicaid to 138% of the Federal poverty line.
.
Moral of the story.
Nobody can be at the top forever.
Abso-freaking-lutely
Moral of the Story:
No HELP is coming.
I think if they were to share with people underneath them they can
@@bradusalbert5485 I'm pretty sure most at the top already contribute to the greater good.
Most countries have progressive taxation.
As an example, a man who earns a million a year might have paid ~35% in taxes in total, 350K.
A woman who earns 100K might pay, say 20%, 20K.
I'm pretty sure the million dollar man doesn't consume 17x government services compared to his neighbour.
(obviously this will vary with countries)
@@bradusalbert5485 Did you just call me a naughty word?
No argument offered?
LMAO.
120k a year and struggling...wtf...I live great on 50k a year..wife stays at home...2 Children...Home paid off....3 cars used but paid off......are they snorting coke or what????
Rent is higher in some areas.
Hahahaha Lord have mercy!
50k a year as well, we homeschool and live on my income; and live with less than I make
They sound like elitist cucks. They wouldn't survive a bit in the deep south where I live. Although I consider myself left leaning in politics, they should just live within their means.
@@gerardgmz We homeschool also..lol...never owned a new car but have good running used ones...paid cash for 1865 country house on few acres ..
He said it right at the beginning- no wealth, no assets. The other gals finished it- a set of aspirations to have all this stuff. The middle class spends itself to death. There are almost always ways to save but people want to eat out, buy home decor they don't need, expensive cars they don't need, new clothes, just junk!... you could be saving and investing that folks. Then you would have some assets. If you make $120K per year, you are choosing not to save.
But why is it that they spend so much? They don’t earn enough to afford these things anymore, and once standard things were now offered as debt.
@@Szcza04 culture. Saving is not part of the culture anymore. People want to live in the moment.
$120,000., a year and living paycheck to paycheck, they’re making bad decisions. People simply live beyond their means.
Exactly.
True. People dont need all those things that turn to clutter and junk in the end.
Very true. There are many people who would struggle though matter how much they make. A good example is lotto winners going broke within years.
Depends on where you live, plus medical insurance premiums are just going up and up. I have to pay an extra 110 a month to add my husband to my health insurance in the past year. My income didnt increase by that
This video is from 2011, things are totally different now.
Yeah, much worse
They are worse Now🤔
seems like sara n Jeff aren't doing it on "hard work" ... they're doing it off of "dads money".
What happened, if you didn't really notice 25 years ago....people were building mountains of debt...either because of bad decisions on home-purchases, or via credit cards, or via college loans. That meant that they were gradually go paycheck to paycheck, and that only increased in the past decade. The people who avoided the debt-bomb....have survived, and are doing quite well. It's not capitalism that bankrupted these people....it's the failure to recognize the problem of debt and how much you can legitimately carry on your back.
Television ads had a lot to do with it to pushing the propaganda to encourage everyone to buy.
This looks like an old documentary (8 plus years old?) but a very relevant reminder to save (cut off the BS as much as possible) for the unexpected and capitalize on opportunities. 8:09 "you can feel richer if you want less". Inspiring.
I noticed that too... I kept looking at when was this posted...?
I own my own home, no mortgage, safe neighborhood. I am retired and almost 70 years old. I have a modest pension and no children. I am tax poor, and have never received any type of tax relief because I am 100 dollars over the limit.
@Simon András Péter I was a DES baby and could not carry a child to term. Thank you for your opinion.
@Simon András Péter why? We pay taxes for schools yet have no children to benefit from them. Ignorant comment.
@@TS-rd7oy Greed is the biggest problem. I have no children but I do not complain about tax money spent in Schools.
I make just under $14k a year and yeah, it's just enough to live and pay my taxes (as a 1099 worker) but not really enough to save up anything. I'm paying into Social Security so that's good, but I'd like to be able to save money to retire on also.
What in gods name do you do to only make $14,000 this can’t be a real story
How are you not homeless living off of 14k a year? My family of 10 barely lives off of 40k+ rent a two bedroom apartment.
Bro how is that even possible, bro move out of your house or apartment right away into a RV or Trailer park. Start saving money.
The American dream - Living beyond your means and trying to own things you cannot afford.
The narrator sounds like a robot
A depressed, "I'm DONE!" sounding robot! 😅
Cp4 : The entire video is a poor me.. Now I need to watch an uplifting, (life is good video) How to deal with change..
Cp4 This is Russian anti-US propaganda, narrated by Cyborg Ruslan Ruski (model number 0192863530)
It sound more like, why do I need to narrate this, this is not my problem.
Yes exactly....he is an idiot.
$120000 per year??? Poor you
lizichell2 - where I live in LA after taxes that $120K isn’t going to go very far.
In most areas in America $120K ain’t bad.
hahah 120000 is alot.
@@ericpetersen8155 thank you! People hear that number and think that's a lot of money. It can be, but it dependson where you live. Most places in California, if you're making less than $100,000/yr, you are living in poverty.
@Simon András Péter thats still a shitload of money. If you are struggling at that level of income you need to look at your spending habits.
@@SD-tl4wf thank democrat taxes and housing polucies for that.
Most people have aspirations to own their own home, live in a safe neighborhood with good schools, have a little savings, and be able to send their kids to college, not just the 'middle class'.
The distinction is that the middle class used to be able to afford most of these things on one income.
But they have a chance of achieving it, poverty infested people dont
And that's literally the defintion of the middle class. Of course you want everything the middle class does but when all your monéy goes to partying and meth you dont really have a chance to join the middle class
The answer; healthcare, House, car, college debts, and taxes.
how are living pay check to pay check .. making +100.000$ a year. How are you spending 1 million dollars every 10 years of your life.
They are struggling due to bad decisions .. or living way above what they can afford.
Boston is one of the most expensive cities to live in.. however, they could live outside the city and commute; still expensive but not obscenely so.
@Tarzan So, maybe move out of Boston.
poe farm,,, exactly what I thought,,,, they're blaming their own problems on somebody else. It's never the person's fault LOL
In Boston as in downtown and surroundings, yes you need to be a millionaire. Move 30 min away and you can live off $60k with no issues
@@christianlibertarian5488 and then you might make $60,000/yr before tax, if you can find a job at all in a smaller town/city.
American flatbread? Looks like a great pizza to me 😂
You know it's bad when even bank managers themselves declare bankruptcy
If financial education was taught in schools middle class and poor people would not face the crisis they face now smh
👍
Why is that so, can you explain?
so we should teach the poor and middle class how the system is set up to fail them, and that will get them out of crises?
tiff what I'm saying is teach the middle class and poor the financial tools they need to learn how asset could generate income and about a system that will face a collapse basically teach what need to be taught to avoid a crisis like this!
@@cchiic you really have to ask?
You can feel richer if you want less..so thruth
that only works if your basic needs (like housing. food, and medical care), are taken care of. Well I guess it could work, but I'd still rather not live under a bridge.
You have to make around $200k a year to live a comfortable life, the living expenses are getting so expensive, organic foods, housing, hobbies etc all adds up. Even with $200k a year after the taxes & living expenses there's not much left for saving 😞😖. 40 years ago my father made $45k a year but we had much better life & mom doesn't need to work.
it depends on where you live and your spending habits. I make much less than 200K a year and live well below my means so I can save money for retirement.
I call bull if a family earning 120k a year is struggling.
You can earn $1M a year and if you spend more than what you earn... trust me, you are going to struggle.
Next Stop: Disaster-ville
Absolutely...there is something really wrong here if you dig a little deeper.
👍🤔
Real easy. Have a special needs child. Forget credit cards and school loans. Healthcare, OT, PT & speech. Money goes real fast. If you make more than $45K as a married couple in MD you get no support from gov.
The current rate of bankruptcy is NOT evidence of hard times. Rather, it is evidence that credit has been granted too liberally.
I define "middle class" as consisting of families headed by a college graduate, or skilled technician or tradesman, or by small business owner. These families should make at least 60K/year. The middle class defined as I define it, is alive and well.
The main cause of financial distress is expensive housing. If housing is expensive relative to what you earn. move to a cheaper city.
People watch too much TV and they think they’re entitled to the same thing as the people on the TV set
that's no accident. it's done like that on purpose.
That's why I don't watch much TV.
@william III its not just rap artists. Its everyone wanting to live a rich life. Its all fake
That one family in Arizona they lost 800,00 in the stock market and at the same time build a 500,000 custom home WTF all those bad decisions = bankruptcy.
The government and people living above their means, spending more than they made. Eventually it caught up with them.
Yeah, but we're paying the price.
The location you live in and the skill set you have is going to be a big factor in how much you make.
If you are both driving luxury vehicles living outside your means and can't save money = bad decisions!
Yea...let these Yuppy Tools drive a 92 Saturn like me..Im 56...
Hold on they are interviewing people who are beyond middle class income. Most middle class can’t stay home with a baby for a year in this country.
That man made $120k a year and they don’t have savings?!
In the UK £45,000 is solid money for a family, that’s about $60,000 a year.
The US over spends consistently and the middle class is an illusion held up by appearances and credit cards.
I’m 50 and I stayed home and raised my 2 boys while my husband worked. You can do it, be good financial stewards. Most Americans live beyond their means. We have a self entitlement, that we deserve the best, the most and right now. We get into trouble with that mindset and here we are! I chose not to live that way so I could enjoy my kids! Sacrifices were made. Americans don’t want to sacrifice when it comes to material things or gains. I feel like it’s a pride issue.
the middle class killed the middle class with $500/month payments on trucks with custom rims
You are wrong. . .$1200. crazy
$500/month is a regular payment for a $29,000 car. Yeah try $1000 min for a truck. Everyone can't buy a used car. If no one bought new cars no one could buy used cars.
We live in the middle of the country and live extremely well on less than $50,000 a year. This is very achievable for a married couple and 1 child. Dual income making $15/hr can make it here. We have 2 smartphones, 2 vehicles a 2016 Kia& 2004 f150. Our daughter goes to a great public school. We have health insurance, retirement savings and vacation. We have a plan for our daughter to go to college. We have nearly every modern convenience.
Good to hear this. I wish you the best and for your family.
Refreshing to hear how your family has stability and $$security.
It's a shame that these conditions cannot be duplicated in all corners of the country.
14:30 American greed. 800 K lost in the stock market? He couldn't have kept 70% of that in something Federally insured? No savings? No 401 K? No whole life insurance policy? Sheesh!
Anybody worth under US$10-20M should invest only in mutual funds. No decent mutual fund has lost big time since 2008. Everybody who lost big time in 2008 because they were long in the stock market, should have ridden out the storm and sat tight. In other words, they should have done NOTHING. A tax deferred account invested in a stock market index fund is worth today at least 5.5x what it was worth at the March 2009 market bottom.
Whole life insurance is a scam
@@mascara1777 Scam? Not quite. Expensive? Yes.
Buy a term policy with the same payout in case of death as the whole life policy you prefer. Invest the difference in premiums in a stock market index fund. Wait 20 years, and your mutual fund account will be worth more than the cash value of the insurance policy.
Don't panic sell
how on earth do you get a middle management job at a bank when you have been bankrupt? For a bank the guy is a huge risk.
Lmao but soo true
What killed the middle class? Ppl wanting things out of their pay scale....... if u need a loan for WHATEVER IT IS.... you CANNOT afford it. Period. Live within ur means ppl.... ur not rich, stop trying to front that lifestyle with debt.
Housewife In The Woods alright but who can buy a $200,000 house out of pocket or a $40,000 car out of pocket?
@@BlueCollar850 do u need one? There are plenty of good used cars... a car loan is straight up a losers game. As far as a home.... do u need a 200,000 house? Can u afford one? I bought 29000 land.
.. and have spent 4 uncomfortable years building pay check to paycheck in cash with my husband.... crazy? I suppose... but I'm slave to no one. My cell phone is my internet... and I pay monthly BEFORE USE.... I run solar power and a generator..... the only bill I am forced to have is my property taxes.... unavoidable sadly so I pay when it comes due. I didn't always live like this.... I sold everything we owned to buy my freedom and security back. There are ways to become free. If u are not a king, you don't deserve a castle.... save for ur bricks and morter and owe no one... and live with peace.... it may not be your dream home, but it will be indeed yours... not on loan from a bank. Your betting on good health and a good economy when u sign away your life in a 30 year debt slave agreement.... what happens in the 14th year when one or both fail u? Debt is not an asset. Ever. Period. No matter how u try to spin it or justify it.
How nostalgic! A check, have not seen one of those in 25 years!
THX
Growing wine in the Arizona desert...think about that for a minute...
Sending good jobs abroad. Ending the chance to make safe 5% interest on savings.Planner inflation by the Feds. You must buy NOW before prices go up.
I see a lot of talk about bad decisions. We are told time and again by financial "experts" that we must buy to prop up the stock market, borrow to get the very best education, upgrade to stay state of the art. It's hard to make "wise" financial decisions when folks are literally telling you that banks are too big to fail but it's okay if you lose your house. This system is broken.
"Had to use their pension funds to send children to universit". That sounds insane, aren't there some huge fees associated with that kind of transfer?
Why do people think they have to pay their child's education? Taking from their retirement is crazy. Bet their child's won't look after them if something happens.
They're finally facing up to & living in reality.. after years of living in a fantasy.. American dream is broke & is now a nightmare..
The sad thing about this whole story is that America did all this to itself!
I like the couple In Vermont, but everything is getting incredibly bad in the u.s. and especially other parts of the world even more so
Thank you Reaganomics
Reagan ruined this Country
20:45 You know we are in trouble when a Manager at a Bank has to declare bankruptcy!
😆
You lost me at 'with the situation looking almost as bad as the 1930's depression'.
I was going to watch this and as soon as he started talking I got depressed 😩😩 I’ll be poor forever
Curious to watch this. Middle class seems strong to me
Rich become richer poor become poor.
er
everyone is becoming richer. especially if you take the time to educate yourself
@M Detlef, spending $300 on a phone isn't going to keep someone infinitely poor.
M Detlef I just think it’s lack of financial education and resources I think they barely get it especially schools are less funded putting in misleading teachers and misleading thoughts.
NAFTA was great for multinational Corporations. They only had to move their operations across the border (north and south). See the results?
and NAFTA was good for Walmart and Dollar Stores as it kept the illusion of middle class going...
poor people should NOT have kids. you can live below your means and do very well. never eat out. do free fun activities. open a second business of a sort (wash cars, or drive a taxi, or deliver goods, etc.). be resourceful. NEVER expect anyone to help you and STOP feeling sorry for yourselves.
America as we knew it is over. There is no going back. People need to accept that those days are over. It’s a global economy and if we want to compete we need to learn new skills, forget this idea of holding onto the past and accept that the dream is no,longer. So glad we left, we Live in Spain now where you can actually live well and get everything you need because people come first here. Sad to see what’s happened to America.
...and now envision an influx of largely unskilled migrant workforces into the U.S. combined with increased (job) automation. There has been and continues to be a devaluation of low-skill/-wage workloads for the last three to four decades. This is in the interests of large corporations (and the politicians they bribe) as reducing their labor costs are a leading contributor in improving the bottom line and enhancing their stock prices. When you remove the middle-class and only have one (peasant) class remaining, then you control the masses.
@Croupier23 What you just said is very superficial. The reality is that they don't want to control the masses, they want to cut the population. Any intelligent person knows this; there are simply way too many people on this planet consuming its finite resources. The blueprint was designed to push people into poverty and then die. It's survival of the fittest; Complain about the dire situation or Do something to survive the situation.
It's the culling of world population.
No help is coming.
Adapt or Die.
A.I. If they want to cut the population then why do they provide welfare for people who can not afford to take care of there children on there own financial. Why does the USA still have birth right citizenship, which will make a illegal immigrant have children that are citizens so they can keep getting gov assistance.
But Americans chose to enjoy all those expensive wars and look at all that military, it's a choice I suppose, if you prefer military jets to healthcare! Lol
Not all Americans.
@Dnomyar Seram I think many Americans avoid knowledge and responsibility (as per any other country perhaps)
@@MichaelAdamGReale no certainly not all, Chomsky for example is a true blue patriot.
just as soon as europe pays the full cost to defend unlike right now where they depend on the USA and its military bases to keep local economies afloat and subsidize europes welfare state
defend against whom? The enemy is within these days, and has been for sometime.
Last stop, standing room only available on the streets.
Welcome to the Fore!
This is sad. So very sad.
The world changed and America did not adapt
We're paying for a war that didn't need to happen. The financial collapse began under Bush. Obama ran surpluses during his years. The administrations before & after added to the debt.
I agree. The world changed while the US still maintain its military and bases almost all over the globe which takes a huge chunk of the Gov't budget when in this high-tech world and in the event there'll be a World War, the military of the past will be useless. The next big war will be the end times - nuclear and hydrogen bombs.
That's surely the case and the worst part is her citizens are still feeling entitled rather than to wake up and face the strange reality change has bequeathed on them!
These people shouldn't be seen as victims. Most of these peoples situations are brought upon by their own poor decisions
If 3/4 of the working American population can't sustain their debt with their own monthly income, would you say that they (hundreds of millions of people) are the problem, or the system in general?
Typical old farts like you who think that you can still get a house with a part-time job are the reasons why we get old fools elected into office.
You are clueless. How can you say that? External things happen that one has absolutely no control over.
Michael Adam Reale What do you mean? I could go through this video and point out every single thing that these families did to dig their own graves. For example, the first couple stopped working for a year and burnt through their savings. Yes they had a kid, but there are certainly ways to have a kid and have both parents work at the same time. This video is made by foreigners and they have no idea what they are talking about.
KillMeWithPotato The statistic is 3/4 of the American population HAS debt, which includes loans, mortgages, etc. Of course most people have debt. If 3/4s of the population couldn’t sustain their debt, the entire economy would be in shambles within 6 months. There is no “System” when it comes to paving your way and making money in life. They banks and corporations will try to play you, and if you are smart with your decisions, you don’t let them. Assuming that the game of life is rigged against you all the time, or even assuming life is a “system” at all is a one way trip to failure. And about that old comment, i’m 21.
@@coreys.9426 If you were an income secure nation then your savings would be enough to sustain a family for a certain time. The US was a highly optmistic economy back in 2007, before the recession. The fact that many people made these so-called "stupid financial decisions" right before a global financial crisis make me think you're deriving all this from a completely wrong conclusion.
Amy looks for bargains in the newspaper.
#1. Cancel the newspaper subscription.
#2. Stop buying crap you dont need. Beans, rice, eggs, milk, bananas, sugar, coffee, hot dogs. Its pretty cheap.
Show us your second car, your dumb motorcycle, x box, cable tv bill, etc....how people manage their money, it makes me weep.
My parents rented a house to house both grandmother's, the couple ,and two children. They saved for 12 years to pay 20%down and still had a reserve of nine months living expenses. The house was 1400 square feet, 3 bedrooms snd 1 1/2 baths.They workerd six days a week. They paid cash for used cars and all furniture, appliances. We had vegetable meals every week. I had one (1) paid of shoes. Four shirts and three pants at the begging of the school year. LIVE FRUGALLY !
of
So... the software engineer is broke?
Does he cable tv?
A dumb pet?
Gym membership?
A fancy car?
OMG. The narrator's voice tone is SO MONOTONNNNNNNE! 2/3rds through, I got depressed and had to switch off.
Did anyone else think that bike shop owner was insanely well spoken? Especially during a random impromptu video request. Kudos to him for doing that job - especially if this is what he enjoys/prefers. Actually, now that I think about it, maybe he was a big banker at one point.. lol
The couple i the video is actually upper middle class.
They may not be rich or retiring, but they had more than enough to send their kids through college on their pension.
Lower and middle-middle class don't have the luxury of such a pension, at least not THAT much to send multiple kids through college.
I'm sorry you don't owe your kids a college education by putting yourself into debt. I never went to college managed to pay off a mortgage have never carried charge card debt have managed to save more than one years living expenses Plus a small 401k and Roth IRA. Quit my job of 20 years 2 years ago learning $13.80 per hour no pension just Social Security. I have always lived below my means. I really do feel bad for people that have lost their jobs and homes and are struggling these are not easy times.
Globalism, mass immigration, and consumerism did.
Ronald Regan was the first to introduce Free Trade agreement's in North America. At the same time Republicans crushed the union worker so it was easier to ship job's overseas. This is why you see the rise in sweat shops across Asia in the 80's . This has slowly led to a collapse of the Middle Class because either those jobs have been automated or shipped overseas or offered at a lower pay scale. This makes it impossible for family's to raise children and the population growth goes down. This is also an issue across the Western world. Meanwhile the top 1% own 90% of the wealth in America.
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Appropriation numbers across the US/Mex borders were at historic lows under Obama and had been decreasingly steadily since 2000. You now have twice as many people overstay their visa's every year across legal ports of entry's . It's simple there just arn't as many jobs anymore for illegals to do . With the heavy crack down on company's that employ them and the tightening of the US economy . This is also at a time when you have seen a historic rise in the amount of border patrol agent's .
Appropriation rate: www.stratfor.com/sites/default/files/main/images/us_border_apprehensions_1976_2013.jpg
Agent's : static2.businessinsider.com/image/5011b7526bb3f7414b00000e-1200/interestingly-while-the-number-of-border-patrol-agents-has-surged-the-number-of-immigrants-apprehended-at-the-border-has-declined.jpg
It feels like this movie was filmed 10 years ago.
In America, middle class is a vaguely defined term.
A lot of these people seem to be struggling with good incomes. Sounds like financial ignorance to me. Also, if the bank refuses to lend you money to buy a Vineyard, don't you think it might be a risky proposition???
Greed....Capitalism's achilles heel is greed...unadulterated, unregulated greed. Cost of living keeps on rising while those living in poverty are being systematically criminalized in society
greed makes the world go round, greed drives invoation and everything else us humans do for good or bad.
@@kercchan3307 Greed is one of the 7 deadly sins...how's it working out across the Earth? Intelligence drives innovation. Love makes the world go round...or it it a flat Earth?
@@IceManLikeGervin love makes the world go round, lolololololololololololololol
@@IceManLikeGervin your an idiot love does nothing to put money in you pocket just hard work and more hard work period but I love to work
Capitalism all the way there is no there way unless you like some other awful country and if so move there
Banks made credit easy and accessible, but it is you who borrow it and it is you who should weigh the risks and the burden of that borrowing and are responsible for it.
Choosing between retirement and 100k of student debt for your child so your child can earn minimum wage? Hmmmm something tells me they made the wrong décision
09.00 mins.
The idea that people spend much more is a myth.
1980s. A tylpical family of a couple and two kids in their late teen and a dog.
- Average 1 car per family. 1 and a half cars with the half a car being a cheap run around to attend to household needs. Car used in average 8 to 10 years.
- 1 family 1 home 1 phone line.
- 1 TV/Stereo unit in the living room. An older smaller unit in the kitchen was a luxury.
- Holidays was a family affair and often interstate at most. All piled into the family wagon.
- Meals were home cooked and dinner is a family affair.
2010 Average family of 2 couples and two late teend with a dog.
- Minimum of 2 and a half cars. Each of the 2 cars used for an average of 4 years which means buying a new car every 2 years. Sensible parents would buy the half a car for their kids to trash around as their first car. Its quite common for parents to buy a brand new car for the kids. Safety comes first.
- 6 phone lines on a monthly min charge payment plans. 4 mobiles and one house phone and one data service providers. Recurring monthly bills not including useage charges.
- Flat screens in the living room, bedroom and kitchen. Minimum one home entertainment system. That is on top of a minimum of 4 laptops and atleast 4 tablets. TVs are redundant in an average of 4 years where else laptops is 3 years max.
- Holidays is individual time out flying halfway across the globe atleast once a year.
- Dinner is take aways and fast food with home food often coming out of packets.
One can argue that we cant live in the 2020s like we did in the 1980s, without the " essentials" like mobile and modern conveniences.
Justifying it when we know well enough that there hasnt been wage growth and shrinking opportunities to boot is akin to continuously twisting the noose around our own necks and screaming we are being choked.
120K a year and you cant live a normal life ? Thats about 100K euro thats more then 5 times the minimum wage here in The Netherlands and you can own your own house with 20K a year and have a decent life.
How on earth can you not have a normal life with 120K a year???
Can someone inform me where all that money goes ? or even better how can they earn that much when your minimum wage is even lower vs our in The Netherlands ?
This doesnt feel right to me....
Housing, utility, medical costs, college became unaffordable compared to wages. It doesn't matter how much you earn nominally, what matters is your purchasing power. That's measured with CPI inflation, but the inflation is severely under reported for decades.
Begrijp je het nu?
In America..unless your poor....the Middle-Class must subsidize the poor with crazy health-care costs....very high education costs....the affordable/cheap homes all in unsafe Black areas....
Irresponsible spending and lack of any financial knowledge. To add to that our mortgage rates are super low, 4% for 30 years FIXED rate.
So when was this filmed?
Middle managers were taken out of the business equation,