Comment by jussij

What you're describing is a fairly universal phenomena found in many developed economics around the world. Over the last decade or more many countries have seen a hollowing out of their middle class, with stagnant wages growth and rapidly rising house prices. However, I find it hard to believe the majority of the US population are currently experiencing recession like living conditions, only because the latest US quarterly GDP came in at a whopping 5.2% That GDP figure shows the vast majority of the US population has money to spend, and they are happy to spend it.