Read Part 2 of WTH is Wrong With America
Before we talk about how to increase personal financial autonomy, let’s be very clear on the current state of financial autonomy for the vast majority of Americans today.
A few Google searches produce a frightening collection of articles, books, newscasts, editorials, and government statistics all pointing to a condition never before experienced by the United States of America–WE ARE BROKE. WORSE, WE ARE IN UNRECOVERABLE DEBT.
The United States government has put the nation in debt several times before over the past 200 years. But it was always recoverable. Today not only are we swimming in a bottomless pit of national debt, the middle class has adopted the policy for their personal affairs. Over the past year, I have interviewed every couple in my classes and in other environments (over 150 couples now) to assess their financial health. These couples range from low to high middle-class income levels, which means anywhere from $40,000 to $500,000 gross annual income. Virtually every family I have interviewed has admitted to living at or above their income.