Hello
As someone with 0 economics knowledge but keen interest I keep hearing this term “middle class trap” and how it is bad for countries long term economy and its people. What does it mean and why is it harmful for a country’s long term prospects ?
Thank you
In: 467
Once you’ve started an expensive mortgage and packed the children off to boarding school you have to keep working to maintain an income to pay for it. Poorer people can leave their rental and spend a few years travelling then restart their jobs when they get back. Richer people don’t worry about paying bills. Middle class have to keep their careers on track to maintain a good income.
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