We can summarize the changes in our economy over the past two generations with one word: precarity, as life for the bottom 90% of American households has become far more precarious over the past 40 years, despite the rising GDP and “wealth” as measured in phantom capital.

The source of one’s livelihood can dry up and blow away almost overnight, and to fill the hole many turn to gig-work with zero benefits

Forty years ago, households with healthcare insurance being driven into bankruptcy by medical bills was unknown. Now this is commonplace.

a significant percentage of households that are considered middle-class are one misfortune away from insolvency.

As the tide of precarity rises, the apologists and cheerleaders of the status quo are cheerily predicting a “Roaring 20s” of widespread prosperity ahead.

https://www.zerohedge.com/personal-finance/precarious-one-misfortune-away-insolvency