{"id":285,"date":"2023-06-12T12:00:00","date_gmt":"2023-06-12T12:00:00","guid":{"rendered":"https:\/\/moneywithkatie.com\/is-the-middle-class-shrinking-because-people-are-getting-richer\/"},"modified":"2025-09-03T18:55:50","modified_gmt":"2025-09-03T18:55:50","slug":"is-the-middle-class-shrinking-because-people-are-getting-richer","status":"publish","type":"essays","link":"https:\/\/moneywithkatie.com\/essays\/is-the-middle-class-shrinking-because-people-are-getting-richer\/","title":{"rendered":"Is the Middle Class Shrinking Because People are Getting Richer?"},"content":{"rendered":"<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h2 style=\"white-space:pre-wrap;\">\u2026and what makes people <em>feel<\/em> middle class?<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">Poring over whitepapers and opinion riffs from opposite sides of the political spectrum is one of my favorite pastimes\u2014especially opposing views that attempt to explain <strong>the same phenomena<\/strong>. It\u2019s usually one big exercise in the frustrating reality that you can effectively make data say anything you want it to by including (or excluding) certain nuances.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">In practice, this means seeking out the hot, fiery perspectives of economic institutes that are either explicitly progressive or conservative in their mission and viewpoints. And let me tell you, some of these reports have absolutely <em>banger<\/em> titles: \u201cThe Annoying Persistence of the Income Stagnation Myth\u201d? <a href=\"https:\/\/www.cato.org\/commentary\/annoying-persistence-income-stagnation-myth\" target=\"_blank\"><span style=\"text-decoration:underline\">The Libertarian-influenced Cato Institute<\/span><\/a> really doesn\u2019t give a f***.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Anyway, I was recently poking around in the data about the shrinking middle class, and noticed something odd in the 2022 findings from <a href=\"https:\/\/www.pewresearch.org\/short-reads\/2022\/04\/20\/how-the-american-middle-class-has-changed-in-the-past-five-decades\/\" target=\"_blank\"><span style=\"text-decoration:underline\">Pew Research<\/span><\/a>:<\/p>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/images.squarespace-cdn.com\/content\/v1\/5e94adbc25a0ae61d843b475\/6986b5b1-a85b-4bb5-9090-df530efab37c\/Pew+Research+Center%3A+Share+of+Adults+in+US+Middle+Class+has+Decreased+Considerably+Since+1971?format=original\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<p class=\"\" style=\"white-space:pre-wrap;\">Between 1971 and 2021, it\u2019s clear that the yellow middle section\u2014representing \u201cthe middle class\u201d\u2014<em>did<\/em> shrink, but the \u201clower income\u201d section wasn\u2019t the <em>only<\/em> group that grew. The \u201cupper income\u201d bar grew, too.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">25% of households were considered low income in 1971, and today, 29% are\u2014an increase of four percentage points in \u201clow income\u201d households.&nbsp;<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">But those considered \u201cupper income\u201d rose from 14% to 21%.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">According to Pew, the <em>median annual incomes<\/em> in each of these class strata (all numbers adjusted to 2020 dollars and scaled to reflect a three-person household) are:<\/p>\n<ul data-rte-list=\"default\">\n<li>\n<p class=\"\" style=\"white-space:pre-wrap;\">Low income: $20,604 in 1970; $29,963 in 2020 (a 45% increase in real terms)<\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space:pre-wrap;\">Middle income: $59,934 in 1970; $90,131 in 2020 (a 50% increase in real terms)<\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space:pre-wrap;\">Upper income: $130,008 in 1970; $219,572 in 2020 (a 69% increase in real terms)<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" style=\"white-space:pre-wrap;\">In plain English, the median real income for someone who\u2019s considered \u201clow income\u201d has increased by 45% over 50 years, representing an annual growth rate of about 0.7% (which is, in this reporter\u2019s opinion, accurately characterized as \u201cstagnant\u201d\u2014my sincerest apologies to the fine folks at Cato). And as we saw earlier, the number of people in this group (29% of Americans) grew over the last 50 years.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">The middle group didn\u2019t fare much better, with an annual income growth rate of about 0.8% per year, though the <em>size<\/em> of this group shrank over the last 50 years.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Finally, the upper income group fared best, with an annual income growth rate of 1% per year, and a <strong>50% increase<\/strong> in the number of people earning these incomes.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">This realization complicated my understanding of class dynamics in the US, so I did what any good internet user would do: I immediately hunted down the nearest libertarian economic outlet, because I knew they\u2019d be <em>all over it<\/em>.<\/p>\n<\/div>\n<hr \/>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h2 style=\"white-space:pre-wrap;\">Are people actually getting richer?<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">The primary arguments made by the American Economic Institute (AEI)\u2014a center-right think tank\u2014<a href=\"https:\/\/www.aei.org\/carpe-diem\/americas-middle-class-has-been-shrinking-but-its-because-so-many-middle-income-households-have-become-better-off\/\" target=\"_blank\"><span style=\"text-decoration:underline\">reinforce this story<\/span><\/a>; that America\u2019s middle class is smaller because so many families are richer than they were before.&nbsp;<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">After all, it <em>does<\/em> appear true that more people find themselves in the \u201cupper income\u201d brackets than they used to, and all three strata have experienced real income gains over the 50-year period. The optimistic take is that it\u2019s not a \u201cmiddle class meltdown,\u201d but rather a \u201cmiddle class triumph.\u201d<\/p>\n<h3 style=\"white-space:pre-wrap;\">But simply cresting the $90,131 income threshold is not enough to be \u201cmiddle class\u201d\u2014because the number itself is less important than <strong>what that money can actually buy you<\/strong><\/h3>\n<p class=\"\" style=\"white-space:pre-wrap;\">Because sure, while these numbers were presumably adjusted for inflation (by either the consumer price index, CPI, or personal consumer expenditures price index, PCE; it\u2019s not always clear), the rate of inflation doesn\u2019t adequately reflect the change in the big three: housing, healthcare, and education.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">As such, statistics obfuscate the true degradation of the \u201cmiddle class\u201d experience.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\"><strong>Because \u201cbeing middle class\u201d isn\u2019t defined by income. It\u2019s a <em>vibe.<\/em><\/strong><\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">And when you\u2019re technically \u201cupper class\u201d by the standards of econ nerds firing off hot charts but you can\u2019t afford a starter home, it\u2019s hard not to feel like a geek with an Excel spreadsheet is gaslighting your checking account.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">The cost of things like cell phones, televisions, and running shoes might have plummeted over the last two decades, and the price of things like bacon, cat food, and shampoo may have risen mildly (speaking from experience, as I must feed Samcat and bathe).&nbsp;<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">But nobody judges their quality of life based on their ability to own the newest pair of Air Maxes or spring for the Blue Buffalo kitty treats\u2014no, you primarily perceive your own rung on the class ladder by looking at things like where you can afford to live, if you can visit a doctor without stress, and whether or not you\u2019ll be able to send your kids to college.<\/p>\n<\/div>\n<figure class=\"block-animation-site-default\">\n<blockquote data-animation-role=\"quote\" \n<p>   ><br \/>\n    <span>\u201c<\/span>Does it really matter if the numbers look better on paper if most people, regardless of strata, feel like they\u2019re worse off?<span>\u201d<\/span>\n  <\/p><\/blockquote>\n<\/figure>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<p class=\"\" style=\"white-space:pre-wrap;\">Sadly, economists have a hard time quantifying \u201cvibes,\u201d which distorts the extent to which we can trust the progress these gains supposedly represent.&nbsp;<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">(There\u2019s also, of course, the issue with national averages in a country where the cost of living swings wildly when you move a few miles in one direction or the other, but that\u2019s a complication for another day.)<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">So why does the national rhetoric around the middle class feel so dismal right now, if things are <em>actually<\/em> better? <strong>More importantly, does it really matter if the numbers look better on paper if most people, regardless of strata, feel like they\u2019re worse off?<\/strong><\/p>\n<\/div>\n<hr \/>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h2 style=\"white-space:pre-wrap;\">The role of class in the US<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">Because the American ethos is centered around social and class mobility via the alchemy of hard work and determination, we see class through a moral lens. I didn\u2019t realize this until I <a href=\"https:\/\/twitter.com\/moneywithkatie\/status\/1625905074181640193\" target=\"_blank\"><span style=\"text-decoration:underline\">tweeted something<\/span><\/a> about how everybody (rich, poor, working class) <em>thinks<\/em> they\u2019re middle class\u2014and <a href=\"https:\/\/twitter.com\/galumay\/status\/1625964277013299201\" target=\"_blank\"><span style=\"text-decoration:underline\">an Australian who replied<\/span><\/a> thought it was amusing that <em>the amount of money<\/em> someone has is what determines their class in the US.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">In cultures where your socioeconomic class is something you\u2019re born into and expected to adhere to for the rest of your life\u2014something immutable and separate from your character\u2014it\u2019s just that. Unrelated from your character.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Because if you\u2019re able to <em>change<\/em> your class status through intelligence, luck, and work, there\u2019s a resultant assumption about people who have more money and people who have less, right?&nbsp;<\/p>\n<\/div>\n<figure class=\"block-animation-site-default\">\n<blockquote data-animation-role=\"quote\" \n<p>   ><br \/>\n    <span>\u201c<\/span>Your class standing reflects on you as a person, rather than the circumstances of your birth, despite the fact that the latter is statistically far more impactful than the former on your status.<span>\u201d<\/span>\n  <\/p><\/blockquote>\n<\/figure>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<p class=\"\" style=\"white-space:pre-wrap;\">In the US, your class standing reflects on you <em>as a person<\/em>, rather than the circumstances of your birth, despite the fact that the latter is statistically far more impactful than the former on your status. And while the opportunity to change your lot in life is fantastic, it\u2019s also a sociocultural double-edged sword.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">So you can imagine the confusion someone who begins their life as a lower-middle income person might feel when they finally crack the $219,000 income required to be \u201cupper class\u201d&#8230;and realize they still can\u2019t afford to send their kids to a good school or move into a home with a third bedroom.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\"><em>This<\/em> is the collective disillusionment that I believe everyone\u2014but particularly the millennial generation\u2014is contending with most strongly right now. The bill of goods they purchased with their student loans, 9\u20135 jobs, and lease agreements failed to pass the middle class vibe check.<\/p>\n<\/div>\n<hr \/>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h2 style=\"white-space:pre-wrap;\">The #1 middle class vibe determinant<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">When you come of age in an era when upward mobility feels natural (the early aughts, pre-Global Financial Crisis)\u2014a time that birthed shows on HGTV normalizing owning your dream home and reality television that peeked behind the gate of communities populated by the Real Housewives\u2014the realignment of expectations about what\u2019s \u201cnormal\u201d and \u201cmiddle class\u201d can feel like crash-landing in the parking lot of a Chili\u2019s, the blow softened only by a stack of rejected insurance claims and Zillow push notifications about houses you can\u2019t afford.<\/p>\n<\/div>\n<figure class=\"block-animation-site-default\">\n<blockquote data-animation-role=\"quote\" \n<p>   ><br \/>\n    <span>\u201c<\/span>Being middle class is a vibe. You can\u2019t assign it with data\u2014it\u2019s something you must feel (and, ultimately, own).<span>\u201d<\/span>\n  <\/p><\/blockquote>\n<\/figure>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<p class=\"\" style=\"white-space:pre-wrap;\">Because education and medical expenses and childcare aside, there\u2019s one factor that typically reigns supreme as the chief determinant of the coveted middle class vibes: The mythos of \u201cmaking it\u201d is almost inextricably linked to being a property owner; to <strong>home ownership<\/strong>.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">And as the <a href=\"https:\/\/www.census.gov\/library\/stories\/2022\/11\/homeownership-by-young-households-below-pre-great-recession-levels.html\" target=\"_blank\"><span style=\"text-decoration:underline\">census data<\/span><\/a> reports, levels of home ownership among young people are currently below their pre-Great Recession levels. Whether the connection between home ownership and middle class status is deserved or not, it\u2019s probably here to stay\u2014save for a great reckoning about what property ownership represents in the United States.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">As long as housing affordability remains at <a href=\"https:\/\/www.entrepreneur.com\/business-news\/report-housing-affordability-is-at-an-all-time-low\/447079\" target=\"_blank\"><span style=\"text-decoration:underline\">an all-time low<\/span><\/a>, there aren\u2019t enough incremental, 1% annual wage gains in the world to offset the collective <em>feeling<\/em> of economically treading water.&nbsp;<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Being middle class is a vibe. You can\u2019t assign it with data\u2014it\u2019s something you must <em>feel<\/em> (and, ultimately, <em>own<\/em>).<\/p>\n<\/div>\n<hr \/>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<p class=\"\" style=\"white-space:pre-wrap;\">If you feel as though you\u2019ve successfully achieved a middle class lifestyle, I\u2019d love to hear from you: What income made it feel real, and how old are you? Where do you live? Do you consider yourself better or worse off than your parents were? Shoot me an email at <a href=\"mailto:moneywithkatie@morningbrew.com\">moneywithkatie@morningbrew.com<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u2026and what makes people feel middle class? Poring over whitepapers and opinion riffs from opposite sides of the political spectrum is one of my favorite pastimes\u2014especially opposing views that attempt to explain the same phenomena. It\u2019s usually one big exercise in the frustrating reality that you can effectively make data say anything you want it [&hellip;]<\/p>\n","protected":false},"featured_media":2502,"template":"","meta":[],"categories":[12],"tags":[],"class_list":["post-285","essays","type-essays","status-publish","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is the Middle Class Shrinking Because People are Getting Richer? - Money with Katie<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/moneywithkatie.com\/essays\/is-the-middle-class-shrinking-because-people-are-getting-richer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is the Middle Class Shrinking Because People are Getting Richer? - Money with Katie\" \/>\n<meta property=\"og:description\" content=\"\u2026and what makes people feel middle class? 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