As the 2024 election nears, more politicians will increasingly mention the middle class in their economic policy plans. But who actually makes up America’s middle class? Yahoo financial’s Rachelle Akuffo joins Wealth! to discuss this question and how the middle class is being affected by inflation.
Akuffo notes that despite overall GDP and inflation data, three things impact how the middle class is being affected by high rates: location, household earnings, and previous generations.
According to the latest Census data, the median household earnings was $74,580, which could feel different depending on location. The states with the highest middle class household incomes are New Jersey, Maryland, and New Hampshire. Meanwhile, the South remains the region with the lowest median household earnings for the middle class.
Pew Research data highlights that the middle class has been shrinking since the 1970s and at a faster rate than the development of the upper-earnings class. According to the OECD, each new generation in the US has been even less likely to join the middle class than in other OECD member countries.
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