LA Times summarizes a new survey by the Pew Research Center: 'The Lost Decade of the Middle Class'.
"Median middle-class income dropped 5% in the 2000s, while net worth plummeted 28% — to $93,150 from $129,582 — as housing prices shriveled, the report said.
The middle class has steadily shrunk over the years, falling to 51% of the population in 2011 from 61% in 1971, the report found.
That’s not all bad. The upper class rose to 20% of the population from 14% during that span, meaning more than half of the decline in the middle class is attributable to people advancing to the wealthier category.
But the upper class’s share of national income has risen far more dramatically, climbing to 46% from 29% four decades ago. In other words, the rich have gotten much richer."
"Median middle-class income dropped 5% in the 2000s, while net worth plummeted 28% — to $93,150 from $129,582 — as housing prices shriveled, the report said.
The middle class has steadily shrunk over the years, falling to 51% of the population in 2011 from 61% in 1971, the report found.
That’s not all bad. The upper class rose to 20% of the population from 14% during that span, meaning more than half of the decline in the middle class is attributable to people advancing to the wealthier category.
But the upper class’s share of national income has risen far more dramatically, climbing to 46% from 29% four decades ago. In other words, the rich have gotten much richer."
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