The following post appeared on Don Boudreaux’s blog, Cafe Hayek, on December 20th, 2015.
There’s been a lot of reporting recently about a new Pew Research Center report misleadingly titled “The American Middle Class Is Losing Ground” and even more misleadingly subtitled “No longer the majority and falling behind financially.”
But here’s a picture of Pew’s own data on the ‘decline’ of America’s middle class:
middle class 1
And here’s a further picture of this same ‘decline’ offered, using Census Bureau data, by Mark Perry.
middle class 2
Some ‘decline.’ (Note that Mark rightly relies also upon work by Scott Shackford and Warren Meyer.)