Precariat

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The Precariat refers to the social class of people who experience precariousness, lacking security and predictability which affects their material or physical well-being. The term is a combination of the words precarious and proletariat.[1][2][3][4]

The capitalist drive for profit has led to a rising cost of living and reduction of purchasing power through inflation which has resulted in lower living standards. Additionally, wages are depressed further by the gig economy which replaces more stable work.

Reference