Originally posted on Economy:
Fewer and fewer people are feeling middle class these days.
The share of Americans who describe themselves as middle class has taken a tumble, while the percentage who identify as lower class has soared over the past six years, according to a recent survey by the Pew Research Center/USA Today. The share of Americans who consider themselves upper class has also shrunk.
This downward shift is likely due to falling wages and the weak job market, said Rakesh Kochhar, associate director for research at the Pew Research Center’s Hispanic Trends Project. The survey notes that median household income fell from $55,627 in 2007 to $51,017 in 2012, the most recent Census data available. And employment in middle-skill jobs increased only 46% between 1980 and 2009, compared to 110% for low-skill jobs, according to a New York Federal Reserve Bank analysis.
“Despite the economic recovery, the economic mood continues to head…
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