Listen to Bernie and all you hear is that the Middle Class is taking it on the chin.
“One of the major reasons why the middle class is collapsing is because of the greed, recklessness, and illegal behavior on Wall Street.”
True? Well, the data from Pew in the chart above seems to indicate so.
From 1971 through to 2015, the share of adults living in the Middle Class dropped from 61% to 50%. That’s 11 points or 16%.
But where are they going?
Well, if you look at the lowest income tier their ratio grew from 16% to 20%. That’s 4 points and 25%.
The lower tier also grew from 9 to … wait. It didn’t grow.
So, the Middle Class shrank 11 points since 1971 and only 4 – FOUR – of those points moved to the lowest tier. Where did the remaining 7 points go?
Well, the higher income tier grew from 10 to 12 points; 25%. And the highest? It grew from 4 to 9 points. The highest tier grew by 5 points; 125%!
Yes – there is a ‘war’ on the Middle Class – but the winners are those folks in the Middle Class!