How America’s Middle Class Is Shrinking
“America’s middle class has been shrinking for the past 50 years. While middle class Americans remain the biggest income group by number of people, the same can’t be said of the aggregate income earned by them. Between 1970 and 2021, the share of U.S. aggregate income earned by the middle class shrunk from formerly 62% to just 42%. At the same time, aggregate earnings by those considered high income increased from 29% to 50%. This is despite the fact that the growing high income class is still less than half as big as the middle class in America.”