A recent Huffington Post article describes one in three working American families as "employed but struggling."
Citing a report by the Working Poor Families Project, the article reveals that a third of our nation's working families are now considered "low-income," earning less than twice the official poverty threshold since "the worst economic downturn since the Depression" began.
Brandon Roberts, manager of the Working Poor Families Project and a coauthor of the report, says of these families, "They're no longer working actively, with a chance to advance and gain more experience and skills. They're just putting pieces together to stay afloat, to meet basic needs."
Lifestyles have been significantly downgraded, and many families who could sock away a few bucks here and there before the recession now live from paycheck to paycheck. The numbers are staggering: Forty-five million Americans -- including 22 million children -- lived in low-income households last year, and the number of low-income families in this country has risen by almost a quarter million since 2008.
Those are some serious numbers, but they come as no surprise. Between the lack of jobs and the credit crisis, many American families are finding it almost impossible to stay afloat.
What do you guys think? Have you seen an improvement in your own circumstances, or have you had to learn to live leaner?