Great Stagnation: An Identity

In the article The Crisis of the Middle-Class America, Edward Luce states that many Americans have become pessimistic about their future especially about their children's future regarding the economy. The economy has been on the decline for these past years which slowly creates the stagnation of income. Many middle-class families find it hard to make ends meet to the point that "easy money has turned into debt".

The major problem of this economic "depression" is because of the access to cheap debt and financing which attract many Americans. This results in foreclosures and the possession of heavy debt. The Freeman's find it hard to believe that their current situation will never change regardless on how much they try. They have good jobs but this is not enough for them to step on the ladder and climb higher. They will always be part of the middle-class. The Great Stagnation "which started in January 2002 and ended in December 2007, the median US household income dropped by $2,000 - the first ever instance where most Americans were worst off at the end of a cycle than at the start". The decline in income has had dramatic effects which has jeopardize financial stability and has caused the possession of heavy debt. This is what is happening to many families nowadays. The debt has skyrocketed that they do not know how long it will take to pay off.

The most saddening outcome of this economic downpour is that someone with an education can be seen working in different places just to make ends meet. Education seems to become a burden in the sense that going to college requires a lot of money and many people cannot afford to send their children off to college. America seems to be turning their dreams of economic prosperity into debt, instability, and fear. This new era of economic decline has caused many Americans to think about their current situation and face reality of foreclosure and bankruptcy but this is not to say that there is no hope. The creation of new jobs and opportunities for aid can help the American people get back up on their feet and face their current situations and make it better. The importance of technology can help the American people because it will create new jobs and make things easier on them. This is just a temporary face and will soon get better.