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September 21, 2011

American Middle Class: The Downward Mobile (Guest Post)

By Tim Iacono

I couldn’t help but think of this Pew survey(.pdf) spotted at the Huffington Post after listening to President Obama introduce his American Jobs Act before a joint session of Congress. The report concluded that about one quarter of children raised in middle-class families in the 1970s have fallen out of that group, presumably reversing a trend that had been in place for many decades. This chart was pretty interesting too:

A quick trip over to the BLS inflation calculator reveals that $32,900 in 1980 equaled about $78,000 in 2005 and $64,000 would be over $150,000 after adjusting for inflation, so, it appears that, even those who have managed to stay in the middle class are falling behind.

Further Reading -
U.S. Economy: A Lost Decade Into The Great Middle Class Poverty?
American Jobs Bill 2011: Too Late For A Do-over For President Obama

About The Author - Tim Iacono, a retired software engineer living in Bozeman, Montana, is the founder of The Mess That Greenspan Made. (EconMatters author archive here.)

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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