From a Pew study showing that America’s middle class is receiving less of the nation’s income than it did 40 years ago — 17% less:
The new study reviewed 2010 data from the Census Bureau and Federal Reserve, defining “middle class” as the tier of adults whose household income falls between two-thirds and double the national median income, or $39,418 to $118,255 in 2010 for a family of three. By this definition, “middle class” makes up about 51 percent of U.S. adults, down from 61 percent in 1971.
In 1970, the share of U.S. income that went to the middle class was 62 percent, while wealthier Americans received just 29 percent. But by 2010, the middle class garnered 45 percent of the nation’s income, tying a low first reached in 2006, compared to 46 percent for upper-income Americans.
Since 2000, the median income for America’s middle class has fallen from $72,956 to $69,487.
— The Associated Press: Middle class share of America’s income shrinking
You know the median incomes of the wealthiest didn’t fall in the past 40 years — and they get to take home more of their incomes because of the way they’re taxed compared to the way we’re taxed ($77,000 deductions for horses, for example). Look at these numbers:
- 1970: middle class share of U.S. income was 62% to a 29% share for the wealthy.
- 2010: middle class share of U.S. income was 45% to a 46% share for the wealthy.
Let’s not pretend Romney and the billionaires who want to buy the White House aren’t looking to take most, if not all, of that remaining 45% income share that’s currently going to the dying middle class.
But let’s keep pretending there isn’t a massive, ongoing bottom-to-top income redistribution happening — just keep saying job creators and trickle down.
We can thank patriots like this for supporting their own demise over the past several decades: