The Struggle to Stay Middle Class

06 Jun

The most significant political legacy of the 2008 financial crisis and the Great Recession could turn out to be the ongoing shift in the way Americans understand their class position.

The bursting of the housing bubble—which entailed a collapse in home values and a flood of foreclosures—and spiking unemployment led millions of Americans to realize that their “middle-class” lives were just a paycheck or two from evaporating. The acute crisis has stabilized, though many of the jobs lost then have not returned, replaced instead with lower-wage, lower-stability positions.

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Posted by on June 6, 2018 in North America



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