A recent analysis indicates that approximately 40% of Americans are unable to cover their essential needs, despite the U.S. economy nearing full employment. Many adults aged 18 to 64 are grappling with financial challenges that make it difficult to afford housing, utilities, food, healthcare, and more. The once attainable American dream now feels like a distant fantasy for many families.
Conducted by the Urban Institute, this study surveyed over 7,500 adults, uncovering the financial hardships they face in meeting basic necessities. While millennials might not find these findings surprising, the Urban Institute was taken aback by the extent of financial strain affecting middle-class families. Michael Thompson, a research associate at the institute’s Health Policy Center and co-author of the report, emphasizes that having a middle-class income is “no guarantee” against financial difficulties.
“Many families struggle to make ends meet as wages fail to keep pace with household expenses,” Thompson shared with CBS News. “Even those with health insurance often face high deductibles and unexpected costs.”
I can personally attest to this reality. My partner and I earn what should be a comfortable income, yet we find ourselves breaking even each month after covering our basic living costs. Our parents managed to support larger families on significantly less than we earn today, a reflection of better economic conditions from decades ago. Nowadays, with expenses like health insurance and utilities, we often have little left over, despite avoiding debt and shopping smartly. It seems that 40% of Americans are living in similar circumstances—a reality that feels far from the middle-class ideal.
The study highlights that over 40% of adults living just above or below the federal poverty line are facing food insecurity. Employment alone does not shield individuals from hardship; one-third of families with at least one working adult reported difficulties in meeting basic needs such as food and utilities. Certain demographics, including minorities, women, and those with chronic health issues, are particularly susceptible to material hardship. For instance, 56% of individuals without a high school diploma struggle to meet their basic needs, compared to only 24% of college graduates. However, the burden of student loans makes pursuing higher education increasingly challenging for many, exacerbating financial instability.
While this study may not surprise those living in these challenging circumstances, it underscores a significant issue: despite claims of a “booming economy” from the current administration, there remains much work ahead. “I hope this research sheds light on the fact that, even in a relatively healthy economy, numerous families are still having trouble securing their fundamental needs for food, housing, and healthcare,” Thompson concluded.
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In summary, the economic landscape remains challenging for many Americans, with a significant portion struggling to meet basic needs. This reality calls for greater awareness and action to address the ongoing financial hardships faced by families across the nation.