Almost two-thirds of Americans who are considered middle class said they are facing economic hardship and don’t anticipate a change for the rest of their lives, according to a poll commissioned by the National True Cost of Living Coalition.
By many traditional measures, the U.S. economy is strong, with robust labor, housing and stock markets, as well as solid gross domestic product growth.
But the data doesn’t capture the financial insecurity of millions of households who worry about their future and are unable to save, according to the group, created this year to come up with cost-of-living tools that help gauge economic well-being.
In the large poll of 2,500 adults, 65% of people who earn more than 200% of the federal poverty level — that’s at least $60,000 for a family of four, often considered middle class — said they are struggling financially.
A sizable share of higher-income Americans also feel financially insecure.
The survey shows that a quarter of people making over five times the federal poverty level — an annual income of more than $150,000 for a family of four — worry about paying their bills.
Overall, regardless of the income level, almost 6 in 10 respondents feel that they are currently financially struggling.
Blaze Pizza HQ moving to Georgia
Blaze Pizza is relocating its Pasadena headquarters to Atlanta.
The company announced recently that the move, expected to be completed by September, is part of its growth strategy.
The chain operates in 39 states with more than 300 restaurants — with roughly one-third of them in California.
“California is where this brand was born more than a decade ago, and we have tremendous heart for communities across the state where so many of our restaurants are,” said Beto Guajardo, CEO of Blaze Pizza.
“Moving our corporate headquarters to Atlanta will help us drive our next wave of growth.”
Blaze said that of its approximately 60 corporate employees, the majority will remain remote workers “with the small percentage of Southern California-based employees being offered relocation opportunities at Blaze Pizza’s Atlanta office.”
More than 7,500 restaurant-level employees are not part of this reorganization and will not be affected, the company said.
Blaze Pizza was founded in 2011 in Pasadena by Rick and Elise Wetzel of Wetzel’s Pretzels fame. Its first location opened in Irvine the next year.
Rubio’s files for bankruptcy
Rubio’s Coastal Grill, which began in San Diego more than 40 years ago and once boasted close to 200 restaurants, announced Wednesday it is filing for bankruptcy protection with the goal of selling the business.
In a news release issued by the company’s public relations firm, Rubio’s said its existing 86 restaurants will remain operating while the Chapter 11 bankruptcy process proceeds.
This latest filing marks the second one in a span of less than four years, and comes just days after Rubio’s abruptly closed 48 of its restaurants in Southern California.
The Chapter 11 petition, filed Wednesday in Delaware, states that Rubio’s Restaurants has assets of between $10 million and $15 million, and liabilities are estimated to be between $100 million and $500 million. The number of creditors may be as high as 25,000, the company stated in the filing.
Among the 30 largest creditors with no secured claims is its lender, TREW Capital Management with an unsecured claim of nearly $28 million. Also on the list are the California Department of Tax and Fee Administration, San Diego Gas & Electric, Southern California Edison and the San Diego County treasurer-tax collector, with more than $74,000 owed.
NASA astronauts rocket into space
Boeing launched astronauts for the first time Wednesday, belatedly joining SpaceX as a second taxi service for NASA.
A pair of NASA test pilots blasted off aboard Boeing’s Starliner capsule for the International Space Station, the first to fly the new spacecraft.
The trip by Butch Wilmore and Suni Williams was expected to take 25 hours, with an arrival Thursday. They will spend just over a week at the orbiting lab before climbing back into Starliner for a remote desert touchdown in the Western U.S. on June 14.
“Let’s get going!” Wilmore called out minutes before liftoff.
Wednesday’s launch was the third attempt with astronauts since early May, coming after a pair of rocket-related problems, most recently last weekend.
Compiled from staff, Bloomberg and Associated Press reports.