Pew: Middle Class Poorer, Earning Less and Shrinking
Recovering from the lost decade will take time.
The researchers at Pew Social & Demographic Trends aren’t holding back in their new report on the middle class. It calls the last 11 years, “the lost decade” for the country’s middle class.
The highlight from the report issued today is that the middle class is poorer, earning less and shrinking.
In its press release, Pew reports:
“These stark assessments are based on findings from a new nationally representative Pew Research Center survey that includes 1,287 adults who describe themselves as middle class, supplemented by the Center’s analysis of data from the U.S. Census Bureau and Federal Reserve Board of Governors.
“Fully 85% of self-described middle-class adults say it is more difficult now than it was a decade ago for middle-class people to maintain their standard of living. Of those who feel this way, 62% say “a lot” of the blame lies with Congress, while 54% say the same about banks and financial institutions, 47% about large corporations, 44% about the Bush administration, 39% about foreign competition and 34% about the Obama administration. Just 8% blame the middle class itself a lot.”