The long slow death of the middle class.
Brought to you by Republicans and Democrats.
Since 1971 the Republicans have controlled the White House for 26 years. The Democrats have controlled it for 19 years. Regardless of who has been in control the results are always the same. The Middle Class is being beaten up at every turn.
Middle class Americans now comprise less than half, or 49.9%, of the nation's population, down from 61% in 1971, according to a new Pew Research Center report.
For decades, the middle class had been the core of the country. A healthy middle class kept America strong, experts and politicians said.
But more recently, these residents have struggled under stagnating wages and soaring costs.
Since 1970, upper class households saw their median income soar 47% to $174,600 in 2014.
Meanwhile, the middle class only got a 34% boost to $73,400.
the lower-income Americans, who only received a 28% bump to $24,074.
the upper class now controls 49% of the nation's aggregate income, up from 29% in 1970.
The middle class used to earn the largest slice of the nation's income. It held 62% in 1970, but that share has since fallen to 43%.
The lower class, meanwhile, holds 9% of the country's income, just under the 10% it earned in 1970.
The rich are not only trumping the middle class in terms of income. They've also seen their wealth soar over the past 40 years.
The median net worth of upper class families doubled between 1983 and 2013, up to $650,100.
But the wealth of the middle class has increased a near negligible 2% over that time to $98,100.
lower-income Americans, who saw their wealth drop 18% to $9,500.