My father did not complete high school and with his lone salary in construction was able to provide for a family of four all the things necessary to live a happy, comfortable life. Nice five-bedroom, three-bath, 2,500-square-foot home in a middle-class neighborhood, two cars, a few TVs, a couple of trips.
My wife and I both work in higher education and are struggling, living check to check, to barely provide the same things for a family of four. Smaller home, nice neighborhood and two cars.
We have one child in college, the other will begin college in the fall. We must utilize student loans to pay for their college. A couple of years ago, I had to file bankruptcy to find economic relief.
It is much harder to provide the same things to an average family today than it was 50 years ago. I don't think I've achieved what they've achieved and I never will.
Nearly a third of Americans who grow up middle class face downward mobility in adulthood. And that's before the Great Recession hit.
