Sep 29

The percentage of Americans identifying as “middle class” has plummeted

An economy may be measured in many ways. But the percentage of Americans who say they are in the middle or upper-middle class has fallen 10 percentage points, from a 61% average between 2000 and 2008 to 51% today. See here.

The reality is even worse: only 20% of American households actually possess the income and assets that characterize the middle class in financial terms. Decades of savings-robbing government programs such as Social Security and Medicare have robbed the American people of their financial substance.