Originally posted on CBS Miami:
MIAMI (CBSMiami) – After more than a decade of tax cuts, trickle-down economics, runaway government spending, wars, and ballooning deficits and debts, the middle class is poorer and has a lower income than they did in the 1990’s according to a new Pew survey.
According to the Pew Research Center for Social and Demographic Trends, median household income dropped from $72,956 to $69,487 a year while the median household’s net work dropped 28 percent to $93,150.
The drop in mean family incomes from Americans in all income tiers was the first for a decade since the end of World War II. However, the middle-class is the only one that shrank in size, which has continued over the past 40 years.
The Pew study found 85 percent of self-described middle-class adults said it is more difficult to maintain their standard of living than it was in the 1990’s.
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