Nov 9, 2024
After the 2024 U.S. election, Vermont Senator Bernie Sanders delivered a sharp critique of the Democratic party, asserting that its failure to prioritize working-class Americans cost it critical support at the polls.
Sanders argued that the party’s drift from its foundation values alienated its core voter base, contributing to a decline in electoral backing.
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"It should come as no great surprise that a Democratic Party which has abandoned working class people would find that the working class has abandoned them," Sanders wrote. "While the Democratic leadership defends the status quo, the American people are angry and want change. And they’re right."
With the country bracing for a likely Republican-controlled Senate and House, Sanders pointed out what he sees as critical failures of the Biden-Haris Administration.
Sanders cited deepening wealth inequalities, stagnant wages, declining living standards and an uncertain future for health care as urgent issues that went unaddressed, leaving working class Americans dissatisfied and looking for change.
Are Americans living paycheck to paycheck?
Sanders’ has long criticized the economic divide whereby the wealthy continue to prosper while working-class Americans face ongoing financial struggles.
Vice President Kalma Harris did have economic proposals aimed at supporting middle class Americans, such as introducing federal caps on food-price increases and a housing plan to “ease the serious shortage in America.”
“60% of Americans live paycheck to paycheck and we have more income and wealth inequality than ever before,” Sanders emphasized in his recent letter. According to a 2023 Forbes Advisor survey, nearly 70% of Americans report financial struggles with 40% living paycheck to paycheck and 29% unable to cover monthly expenses. Alarmingly, over 71% of those living paycheck to paycheck have savings of $2,000 or less.
With essential monthly costs like housing, health care, food, transportation and taxes averaging around $3,372 per month, it’s easy to see why savings has become out of reach for many.
Living paycheck to paycheck can stem from a combination of high living costs and low income, yet 57% of millennials report challenges in budgeting and financial planning.
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By tracking income and expenses, budgeting can help prioritize essentials, control spending spending and help you set aside savings for emergencies. Consistent budgeting not only provides breathing room but also builds a foundation for future financial goals, offering a path to greater financial stability.
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What about health care?
Sanders takes a firm stand on the U.S. healthcare system, describing it as an outlier among wealthy nations.
“We remain the only wealthy nation not to guarantee health care to all as a human right and we pay, by far, the highest prices in the world for prescription drugs. We, alone among major countries, cannot even guarantee paid family and medical leave,” Sanders wrote in his letter.
In April, Sanders highlighted the steep cost of prescription drugs in the U.S. in a letter to Novo Nordisk’s CEO, Lars Fruergaard Jørgensen.
Sanders pointed out that a one-month supply of Ozempic, a popular weight-loss medication, costs $969 in the U.S., while in Canada, the same medication is available for just $155.
The National Library of Medicine reports that over 78 million Americans lack adequate health insurance, with millions more at risk of losing coverage. This includes 24% of Americans who either have no insurance at all or face out-of-pocket costs and deductibles that are high for their income, making healthcare increasingly unaffordable.
On average, Americans spend $12,555 per person annually on healthcare, nearly double the $6,651 average in other developed nations, according to the Peterson-KFF Health Care Tracker.
For many, building an emergency fund can be a step towards easing the stress of these expenses, providing a safety net for unexpected healthcare costs and a sense of control in the face of financial uncertainty.
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Victoria Vesovski is a Toronto-based Staff Reporter at Moneywise, where she covers the intersection of personal finance, lifestyle and trending news. She holds an Honours Bachelor of Arts from the University of Toronto, a postgraduate certificate in Publishing from Toronto Metropolitan University and a Master’s degree in American Journalism from New York University’s Arthur L. Carter Journalism Institute. Her work has been featured in publications including Apple News, Yahoo Finance, MSN Money, Her Campus Media and The Click.
