New Report Undermines Biden Claim Of Middle Class Comeback
Biden: “Folks, The Middle Class Is Coming Back, They Have Been Ravaged. They Have Been Ravaged. But They Are Starting To Come Back.” (Vice President Joe Biden, Remarks At A Campaign Event, Minneapolis, MN, 8/21/12)
Yet The Middle Class Doesn’t Feel The Comeback He Is Touting
For The First Time Since The End Of World War II, Mean Family Incomes Declined For Americans In All Income Tiers. “Their downbeat take on their economic situation comes at the end of a decade in which, for the first time since the end of World War II, mean family incomes declined for Americans in all income tiers. But the middle-income tier—defined in this Pew Research analysis as all adults whose annual household income is two-thirds to double the national median —is the only one that also shrunk in size, a trend that has continued over the past four decades.” (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)
32 Percent Of Americans Place Themselves In The Lower Or Lower-Middle Class, Up From 25 Percent In 2008. “The 2012 survey finds an increase in those who self-identify as being in the lower or lower-middle class—32% place themselves in these categories, up from 25% in 2008.” (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)
- And 17 Percent Now Say They Are In The Upper Or Upper-Middle Class, Down From 21 Percent In 2008. (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)
14 Percent More Younger Adults Are More Likely To Classify Themselves As Lower Or Lower-Middle Class Than In 2008. “Adults ages 65 and older (63%) are more inclined than all other age groups to call themselves middle class and less inclined to say they are lower class (20%). Meantime, younger adults (those ages 18 to 29) are more likely to say they are they are in the lower or lower-middle class; fully 39% say this now, compared with 25% who said so in 2008.” (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)
62 Percent Of Americans Say They Had To Reduce Household Spending In The Past Year Because Money Was Tight, Up From 53 Percent Who Said So In 2008. “The Great Recession officially ended three years ago, but most middle-class Americans are still feeling pinched. About six-in-ten (62%) say they had to reduce household spending in the past year because money was tight, compared with 53% who said so in 2008.” (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)
42 Percent Of Middle-Class Adults Say Their Household’s Financial Situation Is Worse Now Than It Was Before The Recession. “The downbeat short-term perspective is not surprising in light of the heavy economic blows delivered by the Great Recession of 2007-2009 and the sluggish recovery since. About four-in-ten (42%) middle-class adults say their household’s financial situation is worse now than it was before the recession, while 32% say they are in better shape; an additional 23% volunteered that their finances are unchanged.” (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)
26 Percent Of Those In The Middle Class Think Their Children’s Standard Of Living Will Be Worse Off Than Their Own, Up From 19 Percent In 2008. “As for their children’s economic future, some 43% of those in the middle class expect that their children’s standard of living will be better than their own, while 26% think it will be worse and 21% think it will be about the same. Four years ago, in response to the same question, the middle class had higher hopes for their offspring, with 51% predicting they would have a better standard of living and 19% thinking it would be worse.” (“The Lost Decade Of The Middle Class,” Pew Research Center, 8/22/12)
