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Middle-class Americans: the key to America’s economic woes Atlanta, GA

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Middle-class Americans: the key to America’s economic woes

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The financial struggles that occurred prior to and in the wake of the 2008 Great Recession are still fresh in the minds of many Americans. This is particularly true among middle-class Americans who suffered tremendous financial losses as housing values plummeted and widespread layoffs occurred. In the six to seven years since the global financial crisis, the American economy has continued to slowly rebound and grow. Some financial experts warn, however, that, based upon our nation’s current economic model, sustained growth isn’t possible.

A joint study conducted in Jan. 2014 by the Pew Research Center and USA TODAY, revealed that a record low number of Americans, 44 percent, identified as being part of the American middle class. This percentage has fallen considerably since 2008 when 53 percent of Americans identified as being middle class. At the same time, the percentage of Americans who identified as being lower to lower-middle class increased from 25 percent in 2008 to 40 percent today.

The results of the study compel many to question what it really means to be middle class in America today. Historically, the American economy has largely relied upon the middle class to borrow and spend money. Being middle class in America used to mean an individual could afford a home and car and still have the means to spend money freely on non-essential items. Financial experts contend the purchasing power of middle-class Americans has continued to diminish since the 1980s when companies took steps to tighten their purse strings and reduce annual salary increases.

Since that time, the American middle class grew increasingly reliant upon low interest rates and credit cards to not only afford large purchases like a home and car, but also many non-essential items which they could previously afford. As a result, household debt amounts among middle-class Americans increased significantly. Many economists argue the impetus of the Great Recession spawned from rising interest rates and reduced bank lending which resulted in many middle-class Americans defaulting on debts.

Unfortunately, it appears as though little has changed since 2008. The American economy is still heavily reliant on the dwindling middle class who, thanks to stagnant incomes, have even less purchasing power and must rely upon low interest rate loans and credit cards to afford both big and small purchases.

Middle-class Americans, who are struggling to repay debts, may choose to consult with a bankruptcy attorney.

Source: The Wall Street Journal, “Middle class is drowning in debt, hobbling the economy: Analysis: Without higher incomes, economic stagnation is almost assured,” Rex Nutting, June 27, 2014 Pew Research Center, “Despite recovery, fewer Americans identify as middle class,” Rakesh Kochhar and Rich Morin, Jan. 27, 2014

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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