Reported 5 months ago
As the 2024 election approaches, politicians are increasingly focusing on the middle class in their economic policy plans. Yahoo Finance's Rachelle Akuffo discusses the composition of America's middle class and how it is impacted by inflation. Factors such as location, household income, and generational trends play a significant role in defining the middle class. Despite the overall GDP and inflation data, the middle class has been shrinking since the 1970s, with each new generation in the US becoming less likely to join the middle class compared to other OECD countries. The median household income in the US was $74,580, varying significantly by state, with states like New Jersey, Maryland, and New Hampshire having the highest middle class incomes. In contrast, the South remains the region with the lowest median household income for the middle class.
Source: YAHOO