Reports that the middle class is declining should be an eye opener to Wall St. Those who put money into the system from buying cars, houses, or vacations are struggling. If you break it down further this means less taxes for the government as many are still losing their jobs. 61% of Americans are living pay check to pay check and 31% have no retirement accounts. The retirement age, although not raised yet, is a topic that has people concerned. People are looking to work longer because of the 2008 crash. Some lost their entire retirement savings and now have to work another 10-15 years to make ends meet. People who are desperate will work for wages much lower than those with higher standards. Those who have higher education looking for jobs have resorted to working in the service industry. The only problem is people may work for lower wages compared to those with an education. To sum this up, consumers want to pay their rent and put food on the table. Let’s call this weathering the storm and not necessarily trying to find a career.
