re: Millennials being squeezed out of middle class, says OECD

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 my youth a single wage earner could support a wife, 3-4 kids, pets, 2 cars, and local club memberships. Now 3+ wage earners in s single household have about 1/2 that buying power and are just working poor and no longer middle class. In the early 80's we shifted from a credit economy with solid personal savings and investments to the current debt laden nation often a paycheck or two away from insolvency and bankruptcy. 

What we now think of as "middle class" is often just thinly disguised wage slavery akin to the "company stores" of the Robber Barron era.

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The bold part is what middle class SHOULD BE.

As you stated, the political shifted the meaning of middle class to make everyone believe what we have today is standard when in reality it has downgraded considerably.

tbh.. most young people are not caring much about middle class lifestyles and all that other miserable bullshite boomers sold to us like living in the suburbs

I see leisure time getting more and more popular. smaller homes. RVs. less marriages. kids.

society is kinda fricked I feel unless automation saves us

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I don't know how to define the middle but I can say that I feel like these days you need +$200K and almost no debt (maybe a mortgage) to keep up if you have a family.

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Not trying to be a jerk with my response, but the problem with your statement and probably the sentiment of many is "keeping up". I think social media and the like have played a major role in people thinking they are not or can not do as well as previous generations, when for most people this is simply not true.

I'm 32 years old,my wife and I both work, our household income is $120k. We have three kids 4 and under, all in day care. We have a mortgage on a $265k house, but it's 30 years old. We have two car notes, but both were purchased used. We each put 10% into 401k, pay for health insurance, put away a little each month into savings and still manage to do something fun with the kids on the weekends or have a nice dinner out every now and then. I'm not trying to "keep up" with anyone. I'm doing what I think is best with what I have, and that's all that matters.

And to anyone who says $120k is a lot more than most, we bought our first house 8 years ago with a combined income of $60k. It's all about priorities, and most people in this country don't prioritize financial responsibility.

You're misinterpreting what he meant by keep up.

Everybody is just going to let people slide on claiming the middle class is shrinking without mentioning that it's because of upward economic mobility, not downward mobility.

Also, "the rich get richer and the poor get poorer" is actually completely delusional and an irrelevant point. Our poor live the highest standard of living probably ever. I would think comparing our poor to other countries lower income households and you would be painting a more fair argument of the conditions of our lower income population.

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I don't know how to define the middle but I can say that I feel like these days you need +$200K and almost no debt (maybe a mortgage) to keep up if you have a family.
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Not trying to be a jerk with my response, but the problem with your statement and probably the sentiment of many is "keeping up".

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Well, his view is clearly delusional.

Keep up as in keep up with bills, child expenses, etc not keep up with the Joneses.

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Keep up as in keep up with bills, child expenses, etc not keep up with the Joneses.

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So that proves my point even more. Look at my original post roughly outlining my own financial situation. $200k and not being able to just keep up with bills and child expenses? Holy hell that is some terrible financial management.

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I'm 32 years old,my wife and I both work, our household income is $120k. We have three kids 4 and under, all in day care. We have a mortgage on a $265k house, but it's 30 years old

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this like my nightmare life dude

Could always get that Veteran Status and not worry about a down payment.