The middle class is shrinking, stagnating, and becoming less secure
If you want to understand the surge in angry politics around the developed world, from President Trump’s populist politics to the U.K.’s Brexit to France’s “yellow-vest” protesters, look no further than the economic plight of the middle class.
The middle classes are getting squeezed particularly hard by the rising costs of education, health care and housing, the OECD writes. College fees are up, in the U.S. and elsewhere. Homes are much more expensive relative to incomes. About 70% of baby boomers were already middle-class in their 20s, says the OECD. The figure today for millennials: 60%. And downward mobility — the risk of losing your middle-class lifestyle and ending up poor — is a rising concern.
Some good news for Americans: The shrinking of America’s middle class may have finally ground to a halt. Just over half of American adults lived in middle-class households in 2016, up slightly from 51% in 2011, but down from 54% in 2001 and 61% in 1971, according to recent data released by the Pew Research Center, a nonprofit think tank in Washington, D.C.
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