Middle class

The report “The Lost Decade of the Middle Class,” edited by Paul Taylor of Pew Research Center, provides historical information about American middle class that they have became fewer and experienced both income and wealth loss. Although, politicians significantly appeal to middle class, the report put emphasis on “lost decade,” and shows gloomy circumstances besieging middle class.
Pew Research analysis defines middle-income tier in economic sense to reveal how they dwindled. The “statistical middle” have dispersed, over the past four decades, into both upper and lower income tier. Only upper-income tier has experienced increase in income. Middle income group has lost their considerable amount of wealth as well as taking much lower share of income. Moreover, net worth- “the sums of assets minus debts” plummeted, for the rate of mean liabilities level have soared compared to the increase in asset level, offsetting two decades of gains. The research says, due to Great Recession, middle class’ evaluation on personal and overall economy on short-term were negative. However, the evaluation on decades-term were mixed, and on longer term were positive.
Those who identified themselves as middle class revealed conspicuous demographic patterns by race, age, and gender. Self-identified middle class also shrunk after the Great Recession, as middle class in economic standard did. Those who have middle class identity, politically, tended to advocate Democratic party and Obama’s policies over Republic parties and Romney’s policies. Middle class abandoned the deep rooted faith that hard works pay off, and showed pessimistic view about stable economic condition and class mobility.

Providing statistics over past forty decades, the report correlates middle class to its demographic and political characteristic to show that middle class dwindled, because income and wealth have been concentrated to the upper class people.