America’s middle class is shrinking.

Thirty-two percent of Americans actually consider themselves lower class… that’s up from twenty-five percent in 2008. With less job security, less disposable income and less opportunity, the definition of middle class isn’t what it used to be.

Here are some facts:

Only half of American households are middle-income…down from sixty-one percent in the 1970s.

Median middle-class income decreased five percent in the last decade.

And, rising college costs have put more pressure on middle class families. Students will graduate this year with an average of $35,000 in total loan debt.

Meanwhile, the income inequality gap is growing. The wealthiest one percent of the U-S population is now 288 times richer than the average middle class American family.

All that said, it does look like the economy may be starting to look up a bit, and many are optimistic their circumstances will improve.

Which brings us to today’s Just Explain It. Is the middle class set for

America’s debt now tops $16 trillion, and the meter never stops running. The national debt increases by about $35 million an hour, and around $2 billion every 24 hours.

As the country’s debt skyrockets, politicians and pundits are debating how to get it under control. If nothing is done, we could be $17 trillion in the hole later this year.

But for the first time in six years, the federal government said it would make a small down payment on the national debt – about $35 billion worth. They say higher tax receipts and recent spending cuts helped raise the money.

Which brings us to the topic of this Just Explain It.

What exactly is the debt? And how long would it take to pay it off?

First, here’s some history.

Before President Reagan took office, the national debt was $1 trillion. By the time President Clinton left the White House, it reached $5.6 trillion. Eight years later, the debt had almost doubled. And today it stands at $16.8 trillion.

So… where did all of this debt come from?