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Middle Class Shrinks to ALL-TIME LOW
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Original Message
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nd Unemployment and Inequality Are Worse Than During the Recession
The Washington Post notes in an article entitled “Census: Middle class shrinks to an all-time low“:
The vise on the middle class tightened last year, driving down its share of the income pie as the number of Americans in poverty leveled off and the most affluent households saw their portion grow, new census data released Wednesday showed.
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For many economists, the most troubling statistics were those on income inequality underscoring the middle-class squeeze.
The 60 percent of households earning between roughly $20,000 and $101,000 collectively earned 46.6 of all income, a 1.5 percent drop. In 1990, they shared over 50 percent of income.
The Post also notes that inequality has actually risen post-recession:
“What’s disconcerting is that inequality is going up post-recession, and it’s happening because the top is starting to pull away again,” [Jane Waldfogel, a professor at Columbia University’s School of Social Work] said.
[link to www.washingtonsblog.com]
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