Why One Income No Longer Pays For The American Dream
Many Americans struggle to make ends meet even with two incomes but it wasn’t always this way. For a lot of the 20th century, a single income could support a middle-class lifestyle for certain workers. Historians and economists have traced the rise of dual-income households to long-term shifts in the U.S. economy. The majority of six-figure earners say living on one income feels nearly impossible, according to a recent Harris Poll. Meanwhile, Bank of America Institute data shows 26% of U.S. households spend more than 90% of their income on basic needs. While rising costs for childcare, housing, and education are part of the equation, historians and economists point to deeper structural changes in the labor market, including wage stagnation and the expansion of gig and temporary work, as key forces reshaping what it takes to afford a middle-class lifestyle. Watch the video above to learn more about how economic change has redefined what it takes to support a family today.Chapters:
0:00 Introduction
1:52 Worker protections
3:25 The rise of insecure work
7:01 Today’s household math
Produced by Charlotte Morabito
Edited by Andrea Miller
Animation Jason Reginato, Emily Park, Mithra Krishnan
Senior Director of Video Lindsey Jacobson
Additional Footage Getty Images
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