Obamanomics in Action… One-Fifth of Middle Class Falls into Poverty
Barack Obama’s war on the middle class.
Gas prices up – Incomes down
If you find your standard of living has slipped over the past five years, you’re not alone.
The number of Americans who consider themselves middle class has fallen by nearly a fifth over the past five years.
A sense of belonging to the middle class occupies a cherished place in America. It conjures images of self-sufficient people with stable jobs and pleasant homes working toward prosperity.
Yet nearly five years after the Great Recession ended, more people are coming to the painful realization that they’re no longer part of it.
They are former professionals now stocking shelves at grocery stores, retirees struggling with rising costs and people working part-time jobs but desperate for full-time pay. Such setbacks have emerged in economic statistics for several years. Now they’re affecting how Americans think of themselves.
Since 2008, the number of people who call themselves middle class has fallen by nearly a fifth, according to a survey in January by the Pew Research Center, from 53 percent to 44 percent. Forty percent now identify as either lower-middle or lower class compared with just 25 percent in February 2008.
According to Gallup, the percentage of Americans who say they’re middle or upper-middle class fell 8 points between 2008 and 2012, to 55 percent.
And the most recent General Social Survey, conducted by NORC at the University of Chicago, found that the vast proportion of Americans who call themselves middle or working class, though still high at 88 percent, is the lowest in the survey’s 40-year history. It’s fallen 4 percentage points since the recession began in 2007.