America’s middle class is shrinking, according to two recent articles in The New York Times. The articles document a steady decline since 1967 in the proportion of households in the middle class, with a smaller but significant decline over the past fifteen years. The Times defines the middle class as families earning between $35,000 and $100,000 a year. What’s more, since 2000, more and more households are falling into the lower end of the income spectrum. The proportion of families with incomes below $35,000 has increased while the proportion with incomes above $100,000 has declined (although the average incomes for the families earning above $100,000 has increased significantly).
Read the full article at The Globe and Mail.