According to CNN Money, a new report published by Pew Research Center states that the middle-class community in America has diminished to almost half – 49.8 percent. This trend of middle class jobs shrinking represents a decrease of 61 percent compared to 1971.
It further states that the household income range of the middle-class is nearly two-thirds to two times the nation’s average earnings. In 2014, the scale for the income of a three-person family was $41,900 to $125,600.
Various policymakers and analysts believe that a sudden decrease of the middle class. This might be a drastic turn of events for the social and economic stability of the nation. Middle-income families are labeling as the main force behind consumer spending. Many liberal activists believe that the decreasing percentage of the middle class will adversely affect even the richest American family’s earnings.
Donald Trump’s presidential campaign has shown great appeal to median-income supporters, particularly men with no college education. Many have expressed feelings that it is the current administration and its policies of immigration, amnesty, etc. that are accelerating this process.
The gap began over a couple of years, at least on one front. When high-tech jobs began to create high-tech salaries above. BY beyond what a member of that same family might have made.
The author Ronald Wright calls the phenomenon “temporarily embarrassed millionaires.” According to April Gallup poll, most Americans prefer to be identified as lower or working class.
In 2008, 60 percent of the US population described themselves as middle or upper-middle class. That percentage has now lowered to 51%. On the other hand, 48% consider themselves as lower or working class.
Wright also said, “Socialism never had it roots in America because the poor see themselves not as an exploited part of the community but as temporarily bankrupt millionaires.”
In August, a study carried out by Georgetown University’s Center on Education. The Workforce stated that the job offer rate for upper class is now more than that of the middle class.
High-income workers saw one million more job opportunities available. In three occupations classified as ‘top income generating,’ compared to pre-recession levels. On the other hand, the middle class has been offering nearly 900,000 fewer positions. The Pew study also noted that from 1971 till now, upper-class incomes have been risen by 47 %.