Families in the US have struggled for years with trying to advance themselves and follow the American dream, but to no avail families are still unable to improve their financial state.
A recent study done by NYU reveals that nearly 40% of families have less than $10,000 in assets, and many of those families are families who have no assets or even negative assets.
How could this be? Shouldn’t going to college and getting a degree that will provide a decent job give these families the opportunity to improve their standard of living? Maybe not; or maybe the reason the poor continues to get poor continues to get poor is the old saying that goes along with that, “the rich get richer.” According to the same study, to no shock the richest 1% of households was able to increase their wealth by more than 70%.
With the way today’s economy is going and the amount of debt people has amassed in the middle class it almost seems impossible to climb out of. Even people who obtain college degree face tremendous amounts of debt just for going on this endeavor.
With the richest people in this country being able to increase their wealth at the rate they do there is no way the middle or lower classes could ever catch up.
Andrew Alvez | Elite.