Most Americans don't earn enough to afford basic costs of living, analysis finds

[BumRushDaShow]

Source: CBS News

Updated on: May 14, 2025 / 10:20 AM EDT


The gap between what Americans earn and how much they need to bring in to achieve a basic standard of living is growing, according to a new report. The analysis, from the Ludwig Institute for Shared Economic Prosperity (LISEP), looks beyond whether people can afford daily necessities like food and shelter to consider whether they have the means to pay for things like the technology tools necessary for work, higher education, and health and child care costs.

In tracking costs associated with what the group calls a "basket of American dream essentials," LISEP says its Minimal Quality of Life index provides a truer picture of how Americans are faring than standard economic data, such as the nation's gross domestic product and jobless rate. The index captures the annual change in the typical costs facing low- and moderate-income households who are looking to maintain a basic quality of life.

"We analyze these components not just in terms of financial figures but as crucial elements that shape a family's capability to achieve a desirable standard of living," the group explains in a paper describing its approach. The findings? For the bottom 60% of U.S. households, a "minimal quality of life" is out of reach, according to the group, a research organization focused on improving lower earners' economic well-being.

"The middle class has been declining — we just haven't recognized it fully," LISEP Chairman Gene Ludwig told CBS MoneyWatch. "It's really dangerous because it's the kind of thing that leads to social unrest, and it's not fair. The American dream is not that it's given to you — it's that if you work hard, you have a chance to get ahead and achieve the things in life that you want to achieve. It's not living in a tent, not having to steal."

Read more: https://www.cbsnews.com/news/cost-of-living-income-quality-of-life/

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Link to Ludwig Institute For Shared Economic Prosperity (LISEP) REPORT - Minimal Quality of Life The true cost of economic well-being

Basically a "no duh", but still good to have the research continuing. And I disagree with this statement -

"The middle class has been declining — we just haven't recognized it fully,"

(bolding mine)

The victims of this nightmare HAVE "recognized it fully". But it is the ones who have CAUSED IT and DO know it, and refuse to change it, who are the problem, because it is by design. We are literally watching how they do it with these "tax cuts for the billionaires" markups this week.