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 forRead More »from Just Explain It: Is America’s Middle Class Recovering?