On This Dwindling Middle Class
While the economy has surpassed its prerecession peak and is 16% larger than it was a decade ago in real terms, real median household income fell by 7% from 2000 to 2010, per data from the Census Bureau. Additionally, the median household income, $51,006, is lower than that of 1997, when it came to $51,705. It's no wonder folks in the the typical U.S. household have felt they aren't getting ahead.
The Pew Research Center cataloged the issues facing the middle class in a report (PDF) titled, "Fewer, Poorer, Gloomier: The Lost Decade of the Middle Class." Reflecting the above-noted decline in the median household income, 85% of the middle class say that it is "more difficult" to maintain their lifestyle today than it was 10 years ago. Just 9% said it was "less difficult," and 4% said it was "about the same."...593 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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