Here is the non-recovery. While banks use endless fiat loans to drive stock prices higher, a greater proportion of middle-class Americans find themselves unable to afford what most consider to be an entry-level middle-class lifestyle.

At a time of rock-bottom joblessness, high corporate profits and a booming stock market, more than 40% of U.S. households cannot pay the basics of a middle-class lifestyle — rent, transportation, childcare and a cellphone, according to a new United Way study.

The study found a wide band of working U.S. households that live above the official poverty line, but below the cost of paying ordinary expenses. Based on 2016 data, there were 34.7 million households in that group — double the 16.1 million that are in actual poverty.