This will of course entirely put an end to all of the articles, studies and reports which ask whether the working class, or the median voter, or the middle class, or even the American people, are better off than they were 30 years ago, or 40.
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The council on Monday released a report showing how median rents for middle-class households rose 6.2% since 2001, while the price of condos surged 47% in the same time period.
Does it allow that a relative handful of people of color will overcome the odds and find middle-class success comparable to the median white family or even better?
The problem with this approach is that each country has a different median income, so the definition of what is middle class shifts from place to place.
But, the consequences of continued slow growth and high unemployment fall most heavily on the least skilled and those who lose their job or the opportunity for a better life, to say nothing of the broad middle class that has suffered a historic decline in median income during the past four years.
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From the salary medians we constructed a sequence of estimated median incomes, year by year, for each school's class of 1994.
Krugman massages the numbers to show that the middle class has been left behind, including a chart measuring median (and mean) family income over the last 75 years.
The middle class increased its real income (as measured by the median income of males, all races) on average 2.7% a year, or 60% in just 18 years ending in 1968.
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In the past four years, the middle class has experienced the brunt of the financial crisis, with median income eight percent lower in 2011 than 2007, and an unemployment rate largely stuck in neutral.
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Blame the reversal on the cost of nutritious foods, with increased demand for limited supplies from the higher-income middle class pushing prices ever upward, and much faster than gains in median income.
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