The shrinking middle class

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The shrinking middle class

Postby Shorty » Wed Jan 11, 2012 8:31 pm

Another study saying how bad things have gotten for the middle class.
Nearly one third of Americans who were raised in the middle class dropped down the economic ladder as adults -- and that's before the Great Recession hit.

"Being raised in the middle class is not a guarantee that you'll have that same status as an adult," said Erin Currier, project manager at Pew's Economic Mobility Project. "With all the economic turmoil in the past four years, there's good reason to think that downward mobility is more severe." Pew looked at children born in the early- to mid-1960s and assessed their economic status roughly 40 years later.

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Re: The shrinking middle class

Postby Igor » Wed Jan 11, 2012 11:25 pm

Without even looking at the study, the time frame of "early to mid 60's" probably indicates some issues:

- Many families still had only one parent working at that time. Both parents working can greatly increase income, as long as everyone else doesn't figure out the same thing. When the size of the workforce goes from x to 1.95x, raises are not going to keep pace.

- Many people in my generation just bought way, way more house (and car) than they needed, and that has come back to bite some of us.

- Expectations for "middle class" have changed. With a family of four, we were at half the minimum value for middle class that was listed in the article - but I never knew that we weren't in that group. Lots of skimping by my parents on little things allowed us to do the big things, like go to college.

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Re: The shrinking middle class

Postby jonnygothispen » Thu Jan 12, 2012 3:05 pm ... chau,1244/

SCHAUMBURG, IL—The Museum of the Middle Class, featuring historical and anthropological exhibits addressing the socioeconomic category that once existed between the upper and lower classes, opened to the public Monday...

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