The middle class is the driving force behind sustaining businesses. While the middle class is dwindling, the economy simultaneously suffers. When business owners use business as a tool for a more progressive result, they can create a social impact that is more than financial metrics and can, in fact, help positively impact and grow the middle class. With more and more business owners pursuing something greater than the quarterly cycle dollars, their missions will be able to extend the life of the middle class.
By default, the middle class is known to be educated, hard-working and of modest lifestyles. Problems arise on two different spectrums for this class that cause them to lose their placehold in this economic tier. One is when middle class people try to live far wealthier than their incomes allow. With so many people trying to keep up with the Joneses, or more accurately today, the Kardashians, they tend to lose sight of the fact that they do not have the incomes to supplement these types of lavish purchases as their beloved counterparts do. An increasing number of people in this group are throwing themselves into credit card debt to maintain a lifestyle that does not match their income. On the other hand, the second problem is with those that are extremely hard-working and yet are losing their jobs over problems solely associated with our country’s economic downfalls. People are working more hours to earn less, which is hurting them not just on a financial level but also on a humane level.
Prior to the age of rising inequality in our country, nobody aspired to be middle class. The focus was entirely on rich, lavish lifestyles. However, with so many people thrown into poverty, more people are striving to become a part of this declining class. The middle class is hardly what is used to be on both an aspirational level and a financial level.
By: Maureen Smith