Failed public policies are undermining the institution of marriage in America. Rates of both marriage and child births have been trending down for decades, but the current cost-of-living crisis is poised to accelerate these declines. If you can’t afford a place to live, chances are you won’t get married and have kids.
That’s precisely the calculus for millions of young Americans today who can’t make ends meet despite a record number of them holding second or even third jobs. Sixty percent are living paycheck to paycheck. Americans have accumulated a record-high $1.1 trillion in credit-card debt as many can’t cover even necessities.
But Americans aren’t just falling into debt — they’re falling behind on payments too. Defaults and delinquencies are rising at the fastest pace since the Great Recession when there was a mortgage meltdown and a global financial crisis.
The financial strain on American families explains why people view current economic conditions so unfavorably in polling. Perhaps nothing illustrates this pessimism better than the housing market.
The monthly mortgage payment on a median-price home has doubled in the last three years. Unless your income has also doubled, you’re falling…