Millennials are falling out of the American middle class
The share of middle-class people is falling across developed nations, from 64 percent of households in the mid-1980s to 61 percent in the mid-2010s.Only 6 of 10 millennials in wealthier countries earn enough to be considered middle class.In the U.S., a single worker must earn roughly $23,000 to $62,000 to be considered middle class.Half of all middle-income households in wealthier countries now struggle to make ends meet.
The global middle class is witnessing a historic hollowing out, with younger generations struggling to find their financial foothold in many wealthier countries around the world, including the U.S. Only 6 of 10 millennials earn enough to be considered middle class, compared with 7 of 10 baby boomers at the same age, according to a new report from the Organization for Economic Cooperation and Development.
The share of middle-class citizens is falling across developed nations, slipping from 64 percent of global households in the mid-1980s to 61 percent in the mid-2010s, the OECD said. Younger generations are bearing the brunt of the middle-class decline, with each subsequent generation less likely to achieve financial stability compared with the boomers, it added.
"It's a wake-up call to all of us about what, indeed, is the situation for the middle class," said Stefano Scarpetta, director for employment, labour and social affairs at the OECD. "It used to to be that you felt you accomplished something by reaching the middle class. You were stable. This sense of security is gone for many. Even if they reach it, it's no longer a stable situation."
https://www.msn.com/en-us/money/markets/millennials-are-falling-out-of-the-american-middle-class/ar-BBVOw8W?li=BBnbfcN
Cheer up. People with one foot in the grave like Donald Trump and Sheldon Adelson are making big bucks.
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But the economy has never been better!
