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So the [middle + upper] tier has shifted from 75% to 71%, for a 4% net drift downward? While 7% have drifted upward from [middle + lower] classes to upper? The
by alwa 1y ago
So the [middle + upper] tier has shifted from 75% to 71%, for a 4% net drift downward? While 7% have drifted upward from [middle + lower] classes to upper?
The Pew link is fascinating me, thank you for sharing it! One thing that stands out to me is just how extreme the upper-class skew is—its median being 10x the median lower-class income. That helps me contextualize the types of graph that describe the “decline of the middle class” as a share of total wealth: it makes it seem more like a story of “lots of middle-class families’ wealth is wealthy in global terms and also growing, but a shocking number of families have shockingly much money too.” To some degree a story of middle class decline relative to the people richer than them—but to an even greater degree, a story of a burgeoning upper class.
Certainly you’re right that highly-paid tech workers are a drop in that bucket. To me, though, the overall numbers frustrate the “decline of the middle class” narrative to some extent. I guess it’s considerably worse to sink from prosperous classes to lower-class than it is to rise from the middle to the upper class—still, the net slice of the population affected by the change is smaller than I would have guessed.