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Wednesday, January 11, 2012

America's newest class 'Liddle': one-third of Americans drop out of middle class

Photo Credit-ROJS News
America might have a new class to add into the economic & sociology textbooks of high schools and universities nationwide.

'Liddle' is a term should be used to describe a growing series of American that have dropped out of the Middle Class, are between Lower Income classification and near, but not at, median Middle Class in yearly wages earned.

Nearly one third of Americans who were raised in the middle class dropped down the economic ladder as adults, before the Great Recession hit, according to an article on Detroit WDIV-Channel 4 website.

"Being raised in the middle class is not a guarantee that you'll have that same status as an adult," said Erin Currier, project manager at Pew's Economic Mobility Project said to CNN. "With all the economic turmoil in the past four years, there's good reason to think that downward mobility is more severe."
Pew looked at children born in the early- to mid-1960s and assessed their economic status roughly 40 years later.

Being middle class in the parents' generation meant a household income of between $33,000 to $64,000 in 1979. A decade forward later, their children had to earn twice the parents income, or between $54,000 and $111,000 to maintain their relative standing in society in the mid-2000s via wages adjusted for inflation.

The middle class is defined as those between the 30th and 70th income percentile. Marital status, educational attainment had a great bearing on whether people were able to remain in the middle class along with Race and gender.

Those who are divorced, widowed or separated are more likely to fall out of the middle class, particularly if they are women. Americans that decide not to attend college are more likely to slip.

One's foothold on the middle class is more secure if you are a Caucasian male. Thirty percent of Caucasian female and 38% of African-American men drop out of the middle class, while only 21 percent of Casucasian men do.

Read the entire article at website.

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