American Dream Middle Class

While researching the topic of the middle class and the Affordable Care Act (ACA) otherwise known as Obamacare, I found many articles about the impacts of the ACA on the middle class. The majority of these articles discussed how the ACA has negatively impacted the middle class and has made the middle class Americans have to pay higher taxes and premiums. These articles also show that for those who were previously uninsured, the cost of medical care has gone up. My goal in this paper is to show how the ACA has negatively impacted the lower middle class and how certain aspects of the ACA could be adjusted to have a more positive impact on lower middle class and upper lower class families.

Although America is one of the most successful nations in the world, our reputation is deteriorating as health inequality continues to expand. Health inequality results from multiple factors including wealth/income inequality. Those who didn't have enough money for insurance didn't acquire any. The Affordable Care Act, known as ‘Obamacare’, designed to provide low-income Americans effective insurance, is accompanied by numerous complications.

In 2010, the Affordable Care Act, hereafter referred to as the ACA, was signed into law. Even though the reformed healthcare system allowed more Americans to access to quality affordable health insurance, it still has many flaws. We focus on solving the problem that the current health care policies are based on a hierarchal system, where the higher one is placed in the socioeconomic status, the better quality and access to healthcare him or her will get. As a result, people who are in the lower socioeconomic status will more likely to be stuck in a cycle that continues to perpetuate itself. This group of people is most

Over the last few decades, the United States has witnessed skyrocketing health care costs. Health insurance premiums have been rising on average by double-digit percentage points over the past five years, a rate of increase that is 2-3 times the rate of inflation.1 Because of these out-of-control health care costs, there has been a steep rise in the number of uninsured Americans. Currently, more than 45 million Americans lack any form of health insurance, and millions more are “underinsured” – they have insurance but lack adequate financial protection from health care costs. While this problem was formerly a problem confined to low-income Americans, more and more middle-class citizens are becoming directly affected by the problem. In the face of rising health care costs, fewer employers are able to provide their workers with health insurance; the percentage of employers offering health insurance dropped from 69% in 2000 to 60% in 2005. Even if employers are able to provide health insurance benefits, the trend is towards providing high-deductible insurance that covers an ever-shrinking percentage of health care costs.1 The net result is that more and more employed middle-class Americans find themselves with low-quality or no access to health care. The erosion of employer-based coverage has been partially offset by increased enrollment in Medicaid, which is designed to provide a safety-net for the lowest income Americans.2 However, Medicaid has recently been the subject of

Despite the $5.5 trillion invested in retirement and savings plans, many Americans are primed for a lower standard of living during their golden years. Since Social Security and defined benefit plans are becoming a thing of the past, Americans are relying heavily on their own investments later in life. Defined benefit plans have given way for the rise of 401k and IRA plans which are defined by contributions of the individual. Employee sponsored programs in 401ks have been flocked to for their flexibility, tax efficiency and high contribution limits when compared to other retirement accounts.

When one thinks of the “American Dream,” notions of unconditional patriotism and pride fill their mind, as if ‘red, white, and blue’ is coursing through their veins. In this metaphorical scenario, one is so enveloped in this idea of the “American Dream,” that ‘red, white, and blue’ is siphoning oxygen and blood from their brain, and they can no longer think clearly.

The Retirement Gamble portrays a realistic outlook of retirement plans and reveals the actual truth on it. This documentary revolves around various consumer problems in everyday life.Examples include newscasters interviewing regular people ranting on how most Americans can’t afford necessities in life. People also complain that they can’t save as much money and how the American Dream just isn’t compatible for some people. The video also opens up new ideas on what the country can do with their stock market. The interviewer brings up well notable people such as John Bogle, founder of Vanguard to support the idea of increasing index funds. This fine work of a document makes me realize that I need to prioritize my financial handling in the

A blue collar worker that makes 25 thousand dollars a year is put in the same socioeconomic class as an engineer making 200 thousand dollars based on the Pew Research Center's Calculation of middle class. The definition of middle class lumps those making four times the median United States income with those living paycheck to paycheck and feeling like they live more impoverished than anything leading to a confusion in identity. Is the lower middle supposed to feel proud and content with their situation considering they are categorized with engineers, doctors, and lawyers, or are they to feel impoverished because if they took a 5 thousand dollar pay cut, they would be below the poverty line? The gap between the lower middle and the upper middle

A few even say they don’t need coverage or oppose the ACA, so they would rather pay the amercement. Sadly, at least 40% of these people who don’t have health insurance belong to low-income working families (Key Facts). Imagine arriving to a doctor’s office extremely ill only to be ruthlessly rejected for not having insurance. While the ACA has worked to significantly reduce the percentage of the uninsured, many people who desperately need health care cannot attain it due to their income or the color of their skin, claims Dr. Ivankovich (OnePatient). It’s saddening to think that this injustice happens in America, but thankfully, there are some big-hearted people out there determined to help these uninsured individuals.

Without a doubt, people are making less money than they used to. This accredits to the fact that the American society has been built in a way where the rich stay rich and the poor stay poor. And with the introduction of higher taxes over the past 50 years, the American dream is becoming harder and harder to achieve. According to U.S.A Today, “Only 50% of people born in the 1980’s are making more money than their parents, compared to 90% of children born in 1940”(Kakade,2016). The ideals

Finance stability has been a problem since “big business”, the Gilded Age in the 1870s, the Stock Market Crash in 1929, and even with the sixteenth amendment in 1913. Living is becoming expensive in the 21st century automobile expenses, house payments, food, clothing, and so on are ways an individuals income can be tampered with. That’s why America should learn to budget themselves to keep money in their pockets. When it comes to making decisions on purchases one should, "Wait overnight, put some time between your emotions and the transaction." (Rachel Cruze). Saving money will not only build your income but the savings act as a ‘life line”; this prepares you for a life time enjoyment after retirement, provide a safety net in case of an emergency and aid in being financially

This research paper address the question: Are Americans ready to retire? No! Americans are not only not ready to retire, they are not confident in how much they have saved for their retirement years. There are several reasons for this lack of confidence. According to a recent study by the Metlife Mature Market Institute, more than half of adults age 45 to 70 nationwide (a full 53%) say they are behind in their retirement goals. The study also found that 13% of those who polled have no retirement goals and 7% have not yet begun to save money. The lack of knowledge of the stock market and lack of funds to save, factors into this passive approach. Most Americans are not familiar with investment options within retirement plans and either

Introduction: By a show of hands how many of you know the dollar amount you need to retire? Most of you want to retire financially comfortable, but have no idea what it will take to make your financial retirement a reality. Therefore, some people are saving on their own or using an institutional savings program. Furthermore, with the life expectancy rate increasing, people are living longer, therefore it is important you make sure you’re planning accordingly for your retirement. Additionally, “according to the National Retirement Risk Index (NRRI), published by the Center for Retirement Research at Boston College, and the Retirement Readiness Rating, published by the Employee Benefit Research Institute (EBRI) conducted in April 2014. These studies suggest that 43% to 52% of Americans won't be able to maintain their pre-retirement standards of living during retirement.”

More than 75% of Americans population do not have enough saved to cover six months’ expenses, and this arises because of job loss or an unexpected life event. The number of Baby Boomers that leaving the workforce is growing and the aggregate saving rate is expected to fall even further, even if household saving behaviour remains the same.

"The American Dream is that dream of a land in which life should be better and richer and fuller for everyone..." (Adams, 1931, p. 214). The dream of our ancestors has not changed with the passage of time, but achieving the dream of financial independence has become much more difficult for the average American. Reviewing data compiled over the last few decades paints a bleak picture: wage disparities have increased, savings rates have fallen, and pension plan failures have escalated. What 's more, benefits provided by private defined benefit plans and the U.S. Government continue to see reductions. These sobering facts do not depict a reality where the American Dream of financial independence still thrives. While difficult, the dream is