Middle-Class Earnings Move Forward
A recent release from the Census Department reports that, six years into the economic recovery, the middle class has finally seen household earnings increase. Though the reports are generally viewed to show that the middle class is burgeoning, there are those who believe this to be a false positive. Let’s examine the data and what it truly means for the middle class.
Benefiting the Middle Class
The term “middle-class” is used extensively in the media, but the exact parameters of who that applies to may be unclear for some. So first, let’s try to define what makes a family “middle-class.” First and foremost, because different areas have varying standards of living, there are no exact numbers for determining “middle-class” finances. According to Pew Research Center, a family of four must earn $46,960 to $140,900 annually to be considered “middle-class” in the United States. Alternatively, in terms of net worth, $0 to $401,000 is considered “middle-class,” according to NYU Professor Edward Wolff.
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