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Is the middle class actually shrinking, or are we just losing the traditional hallmarks of it?
According to the Pew Research Center, the middle class is shrinking. In 1971, 61% of Americans lived in middle-income households. By 2023, that number had dropped to just 51%. As more people shift into either low-income or high-income brackets, the financial gap between us continues to grow.
After World War II, the middle class became the backbone of the country, fueling economic growth and shaping American identity. But is that changing? What happens to our economy and culture when the traditional markers of middle-class life — home ownership, stable employment, college for the kids, a nest egg for retirement — become less attainable?
Or are those goalposts outdated? What does “middle class” mean to you today?
Guests:
Daniel Laurison, Swarthmore College
Alissa Quart, author of Bootstrapped: Liberating Ourselves from the American Dream and executive director of the Economic Hardship Reporting Project