This hasn’t been a very good century for the middle class.
A new survey by Pew Research Center found that 51 percent of middle-class adults who responded said it would take them no less than five years to fully recover financially to where they were before the recession, with eight percent saying they’ll never get back to where they were.
It is, Pew said, a “lost decade” for middle-class Americans who’ve been slammed by job losses, falling wages, housing value declines and a bumpy stock market.
Nearly two in three people said they’ve responded to the ongoing downturn by reducing their spending, and nearly one in three said they are still finding it hard to pay off their bills. The vast majority said it’s a lot harder to keep up the lifestyle they enjoyed pre-recession.
Pew noted that both median household income and median household net worth have declined, the latter by 28 percent.
Not surprisingly, the percentage of people considered middle class is down, from 61 percent in the 1970s to only 51 percent last year.