For millions of low-income, disabled, and the middle class generally, remote work isn’t an option and running water can be a luxury. Social distancing isn’t a topic in a densely packed public housing. When then should be said about self-isolation or getting adequate medical care amid the coronavirus issue? Coronavirus is killing the middle class – and it could crush it.
No wonder the conditions of the middle class in the nation’s largest cities could be worse. Now, with the 2020 presidential election almost kicking into full gear, what are the challenges that face the middle class the most ad will affect their voting?
That is not to mention the present situation they found themselves as a result of the pandemic ravaging the world. While the new reality has affected everyone, the economic impacts have been uneven. Let’s look at some of the issues that will be top gear for the middle class.
One of the characteristics of many middle-class families is relying solely on their jobs as their core source of income. Without access to trust funds or high-return investment, any stagnation in their wages will be greatly felt. The present situation in the world is making many lose their jobs, it is safe to say that the middle-class is the most affected of all.
Reports have shown that since the lockdown took effect in the United States, the income growth of the middle class has decreased significantly.
The slow growth in wages is becoming a serious challenge for many in the middle class, and have been forced to increase the number of hours they work.
Living solely on salaries and wages
Many Americans have no substantial funds, and that means they are vulnerable should they lose their jobs. Experts have also discovered that up to 75% of people in this category are in debt. And as you must have guessed, the majority of them are middle-class families.
Unexpected economic circumstance changes or policy changes such as the effect of the pandemic can create a state of emergency for many. It then becomes important that policymakers and politicians take note of the impact of policies on the lives of the people, especially those in the middle class.
Increasing healthcare costs
Healthcare is a major concern for many, and the reason is justified. Access to insurance or affordable healthcare is crucial our general wellbeing, and it doesn’t even matter if we don’t use it, access is what many cry for.
With the world fully focused on coronavirus, it is not sure if patients of any other type of disease will be duly taken care of. Meanwhile, in 2018, many middle-class Americans say they skipped necessary medical care because the costs were so high. The government may not be charging patients of coronavirus, but what about other illnesses? Is the cost going to be reduced?
These and many more are the effects that the virus has brought on the middle-class families. Reports have shown that many Americans who have filled in for personal bankruptcy did because of their medical bills. These healthcare costs have shown to be able to affect the lives of most middle-class Americans significantly. And the reason is because they do not have access to health insurance and don’t have the money to pay for the health services.
Respect and work-life balance
Respect and work-life balance may be hard to measure, but many people have raised concerns about these issues. And they are becoming economic issues that need fast response among middle-class Americans.
Middle-class families feel they are looked down upon by policymakers. It is important to note that while the family is a social issue, it is also an economic one. This is because when wages increase, people tend to have stable families. Because they can afford childcare and other expenses.
Middle-class political economy is not just about work and wages; it is also about families and communities.
The pandemic is an unfortunate situation for the world. But it seems to have hit on others more vulnerable. Indeed, the world isn’t even, but with coronavirus ravaging the world and keeping people in their homes, many are forced to leave their day jobs and ultimately losing their purchasing power. The effects are not restricted to health conditions; they also include general economy of the nation, but more especially for the middle class.
Author: Laura Garbers is an exceptional writer that helps people land their dream jobs through her work at CraftResumes. She is also a digital marketing expert and HR specialist that uses her wealth of experience to add value to the world.