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FastFact: Middle Class Continues to Get Squeezed
The middle class continues to get smaller.
According to the latest data available from the U.S. Department of Commerce tracking income over the 10-year period from 2002 to 2014, growth within the lower 80 percent of U.S. households has slowed. The result? A shrinking middle class.
On the other hand, the top 20 percent continues to grow at a consistent rate with the top 5 percent contributing to the growing gap between the middle-income and high-income households.
The five groups can be broken down as impoverished, low income, middle income, upper income and high income.
The high income households, bolstered by the top five percent, grew 27 percent over the 10-year period.
The top five percent experienced an increase of average income of $251,000 in 2002 to $318,052 in 2012.
Households in the top 20 percent saw an increase in average income from $143,743 to $181,905 over the 10-year span.
The complete FastFact can be examined online.