Address America Affordability Crisis
The affordability crisis in America has become a common topic to talk about. It is affecting the lives of millions of people. With the increase in the cost of basic requirements such as housing, college, healthcare, and food, people find it challenging to manage their daily earning rate. The wage rate in America has also dropped. Considering all the factors, one in three families faces problems while paying monthly bills on average.
It was just one factor due to which the crisis began. A detailed explanation of all the other factors is here in this article.
The primary factor of the crisis impacted household affordability in the lower-income sector and the families having good-paying jobs. The cost of everything required in our daily lives, like gas, groceries, and childcare, is increasing, and it is the first time people in a developed country are not finding any roof over their heads.
Another factor is the healthcare crisis. The rural population of America is shrinking as people are moving to cities. Especially those who tend to be older, often poorer, and more likely to suffer from conditions like heart disease and cancer are relocating. The places that would care for them are disappearing, resulting in no primary and emergency care areas. In the last decade, almost 10% of rural hospitals have closed, which lead to a significant reason for the American crisis as people are losing jobs and revenue and finally shifting to another place.
One more factor is due to the college affordability crisis. As of 2012, Americans owed over $1 trillion in student debt. In 2023, outstanding federal student loan debt was $1.63 trillion. This is the first time in the nation’s history to give this much amount in student loans. At the same time, technological advancement, especially automation, is making it harder to earn a living wage without a college degree.
Today college graduates earn 80% more than those with just a high school diploma. Colleges are becoming more expensive and simultaneously more important than ever before. In the back of our heads, we also know the debt taken for educational purposes never lays off. It will lead to another kind of crisis.
The survey shows the unemployment level dropped by 6.4%, which makes an excellent number. The economy of America is also expanding every year. But if we analyze it in depth, America is addressing many affordability crises.
Steps for Addressing this Crisis
One can take several steps at the national and local levels to address this crisis:
- Increase the minimum wage
- Address student debt
- Improve access to healthcare
- Increase funding for social programs
- Expand access to affordable housing