From the LOS ANGELES TIMES:
The idea of a large, stable middle class is central to America’s sense of itself. But the U.S. middle class has been steadily shrinking, dropping from 61% of all adults 40 years ago to a bare majority now, a new study finds.
This middle tier of American society also has slipped downward in terms of its income and wealth in the last decade, according to the report released Wednesday by the Pew Research Center. And it has lost a share of its traditional faith in the future…
But the money only went in one direction, Taylor said. Over the same period, only the upper-income group increased its share of the nation’s overall household income and now accounts for 46% of that total, up from 29% in 1971. The middle class garnered 45% of the total, down from 62% four decades ago. The lower-income group took in 9%, down from 10%.…
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