… but it seems that more people are moving up rather than down.
From a NPR article today:
Nonetheless, the overall trend is upward: The middle class may be shrinking, but two-thirds of those who leave have moved up, while one-third have dropped to a lower income group.
“There is actually more progress than regression,” says Rakesh Kochhar, who studies the middle class and is associate director of research at the Pew Research Center.
So when the government says that they want to restore the middle class, it’s actually a bad thing…