Middle class shrinks to all time low

Discussion in 'Economics' started by Grandluxe, Sep 12, 2012.

  1. By Carol Morello, Wednesday, September 12, 1:30 PM
    Census: Middle class shrinks to an all-time low

    The middle class lost ground again last year, falling to an all-time low in their share of how much income they take in, new census data released Wednesday showed.

    Despite an official recovery now entering its fourth year, the census said median household income declined by 1.5 percent, to $50,054.

    “This is a huge drop,” said Tim Smeeding, director of the Institute for Research on Poverty at the University of Wisconsin in Madison. “It’s the working class. Their pay rate has gone down, the number of hours that everyone in the house works has gone down, their homes have lost value. These are the people really ravaged by the recession.”


    Well done Ohhhhh-Bama.
  2. Who cares? Who wants to be average anyway? I would hope that most readers of elite aspire to leave the middle class as soon as possible....
  3. Gas just hit $4.09/gal in my MA town today. Gas is going to kill any so called recovery. Pump another trillion in Benny it won't help the economy though.