Re:What harm do minimum wages do?
by nemo44x on Wednesday August 19, 2020 @03:16PM
(#24214885)
Over the last 50 years, the combined middle and upper-middle class of the USA has been the part that has grown the most. The lower middle and poverty classes have shrunk. The upper class has grown a small amount. 62% of the country today is middle or upper-middle class today as opposed to 50 years ago when 51% were. [1]
However, the middle class has shrunk quite a bit as the upper middle class has seen tremendous growth while lower middle and poverty classes have seen a good deal of shrinkage.
37% today are lower-middle or poverty class compared with 50 years ago where 48% were. In particular, the poor have shrunk from 24% to 20% today.
So the middle and upper-middle have grown over the last 50 years with the upper-middle in particular growing and lower-middle and poverty has shrunk. However, middle class people may feel left behind as they see more people becoming upper-middle.
However, the middle class has shrunk quite a bit as the upper middle class has seen tremendous growth while lower middle and poverty classes have seen a good deal of shrinkage.
37% today are lower-middle or poverty class compared with 50 years ago where 48% were. In particular, the poor have shrunk from 24% to 20% today.
So the middle and upper-middle have grown over the last 50 years with the upper-middle in particular growing and lower-middle and poverty has shrunk. However, middle class people may feel left behind as they see more people becoming upper-middle.
[1] https://www.urban.org/sites/default/files/publication/81581/...