“The hollowing of the middle has proceeded steadily for four decades, and it may have reached a tipping point,” Pew Research Center saysA closer look at the shift out of the middle reveals that “a deeper polarization is underway in the American economy,” says Pew Research Center report.The American middle class is shrinking.For the first time in more than four decades, middle-income households have lost their majority status in the U.S., according to new findings, and are now outnumbered by their counterparts on opposite ends of the income spectrum.“The fastest-growing segments are the ones at the extremes, the very lowest and highest ends of the income distribution.”—Pew Research CenterBased on the definition used in the Pew Research Center report released Wednesday, the share of American adults living in middle-income households—that is, with an income that is two-thirds to double that of the overall median household income, or $42,000 to $126,000 annually in 2014—has fallen from a high of 61 percent in 1971 to 50 percent in 2015.

Source: Deepening Inequality Driving US Middle Class into Oblivion | Informed Comment

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