Pay raise for the middle class? Not in this lifetime - Macleans.ca
 

Pay raise for the middle class? Not in this lifetime

The American median household income is declining


 

U.S. President Barack Obama is fond of painting Mitt Romney as out of touch with America’s suffering middle class. And, so far, the Republican candidate has given him plenty of ammunition. Romney, the multi-millionaire Republican, recently defined the country’s middle class as households that make up to US$250,000 a year.

Though this is also technically the upper limit of Obama’s cut-off, most American households exist on less. Way less. The median household income last year was just $50,054, according to a recent report from the U.S. Census Bureau. That’s down 1.5 per cent from 2010 and, alarmingly, when adjusted for inflation, is where things stood in the late 1980s, when Ronald Reagan was president. Even more troubling: the same report showed earnings for American men flatlining for the past four decades (although the impact on households has been partially offset by gains made by women over the same period). Men’s earnings now sit at just over $48,000, compared with over $50,000 in the early 1970s.

A Pew Research Center survey recently described the period of middle-class hardship after the Great Recession as a “lost decade.” But the core problem—stagnant income growth—has been around for a lot longer.


 
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Pay raise for the middle class? Not in this lifetime

  1. WTF is this claptrap? Romney “the multi-millionaire”?! NEWS FLASH: Obama’s a multi-millionaire!!!

    I get that the media is trying to spin some narrative that Romney is a rich cold-hearted SOB while Obama’s a down to earth every-day-man, but this is getting a bit rich.

    The two have the same definition of middle class, yet the one multi-millionaire is out of touch, while the other is looking out for the little guy? Give me a break!

    • Hahaha. Gettin’ a bit rich is we here? Nope. THEY ARE! Mwuahahaha…

    • Yeah, but Obama cares for non multi-millionaires whereas Romney only cares for the millionaires and billionaires.

      • Oh ya, Romney’s a big old uncaring jerk and Obama’s the niceest friendliest guy in the world who’s always just looking out for the little guy….. whatever, nice try.

  2. Romney is out of touch with the middle class- -and in touch with the rich guys who relax on the LA coast wearin’ bikinis knowin’ that their Swiss bank accounts are being well handled…

  3. That’s not many people… …they all have EXACTLY $250 000 house values? How will Obama win?

  4. Rmoney’s done all he can to kill the middle class. And Obomba’s doin’ nuttin’ at all. Kill the presidential candidates!