The Middle Class

7 Things The Middle Class Can’t Afford Anymore

In its discussion of historical middle class societies, The Economist reports, “Their members are neither rich nor poor but somewhere in-between…’Middle-class’ describes an income category but also a set of attitudes…An essential characteristic is the possession of a reasonable amount of discretionary income. Middle-class people do not live from hand to mouth, job to job, season to season, as the poor do.” Some argue that the most sensible income amount to attach to the middle class would be the median household income, of around $54,000.

This is why the middle class can’t get ahead

For everybody wondering why the economic recovery feels like a recession, here’s the answer: We’re still at least five years away from regaining everything lost during the 2007-2009 downturn. Forecasting firm IHS Global Insight predicts that real median household income — perhaps the best proxy for middle-class living standards — won’t reach the prior peak from 2007 until 2019.