household income is also declining."įor more, check out the full Pew Research Center report here. " The national trend is clear - the middle class is losing ground as a share of the population, and its share of aggregate U.S. Moreover, new economic research suggests that a struggling middle class could be holding back the potential for future economic growth," Pew wrote in its report. "The current and future status of the American middle class continues to be a central issue in the 2016 presidential campaign. The decline of the middle class in America's cities is one of the biggest political and economic problems of the 21st century, and Pew's analysis shows the severity of the problem. The report pointed out that in the time period covered, real median household incomes in the US as a whole fell by 8%. Temin examines the structural forces behind the deteriorating economic circumstances experienced by most Americans even as financial markets hit new highs and official unemployment statistics. Pew also noted that the drop in the percentage of households that fall in the middle coincides with an overall decline in incomes. These stories broke as I was pondering the message of Peter Temin’s recent book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy. The Vanishing Middle Class The Vanishing Middle Class, new epilogue Prejudice and Power in a Dual Economy by Peter Temin A Financial Times Best Book of 2017. Pew observed that the decline in the middle class is associated with an overall increase in inequality in the US, which could lead to somewhat dire consequences for American society.
The news nationwide, however, is more bad than good.
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